27 financial Italian institutions commence roll out of MyBank electronic payment scheme
Nine Italian banking groups, representing 27 financial institutions, have begun the national roll out of the MyBank electronic payment scheme from EBA Clearing, enabling customers to pay for goods and services at online merchants from within their e-banking portals.
All participating institutions, have committed to making the scheme available to all of their business and retail customers before the end of 2013. Using the service, Internet shoppers can initiate Sepa Credit Transfers via their regular online or mobile banking interface without the need to disclose their personal bank account or payment details to any third parties. By the end of this year, MyBank users will also be able to create, modify and cancel e-mandates for Sepa Core Direct Debits.
Roberto Liscia, president of Italy’s e-merchant association Netcomm, welcomes the initiative: „The Italian e-merchant community looks forward to an e-payment method that combines high conversion rates and reach with low fraud levels. And the special beauty about MyBank is that it can be used both in Italy and across Europe. This makes it a very attractive solution for Italian merchants wishing to expand their business beyond our borders without having to face increased fraud risks.”
Preparations for the deployment of MyBank-based payment products in other European countries are ongoing, says the EBA. A first bank from France participated in the launch and financial institutions from several other countries are planning to sign up for one of two additional joining windows in 2013, the organisation states.
Giuseppe Capponcelli, general manager, Istituto Centrale delle Banche Popolari Italiane (ICBPI), says: „As an e-authorisation solution, MyBank has a large potential and provides the opportunity to initiate or secure other online transactions besides Sepa payments.”
EBA Clearing says the scheme may be expanded to include non-euro currencies and could also be used as the foundation for the development of pan-European e-identity services.
About MyBank
MyBank is an electronic authorisation solution that makes it easier and safer to sell and buy goods and services over the Internet all across Europe. MyBank enables customers to pay for their online purchases via their regular online banking environment or the payment application of their payment service provider. The solution is open to all authorised payment service providers in the Single Euro Payments Area (SEPA) including, without limitation, credit institutions and payment institutions.
MyBank is geared at supporting the initiation of e-payments via the SEPA instruments. The solution is expandable and may at a later stage also be used for transactions in other currencies or for e-identity services.
MyBank has been developed by EBA CLEARING, which also manages the solution. EBA CLEARING is a provider of pan-European payment infrastructure solutions owned by 64 of the major banks operating in Europe, including 6 Italian banks.
How does it work
See movie here: https://www.mybankpayments.eu/Videos/MyBank/mybank_long_en_V2.ogv
MyBank itself is not a payment instrument, but a solution enabling the use of existing payment methods. The online shoppers choose what they want to buy on the internet and put it in the e-shopping basket. When they wish to complete their purchase, they click on the MyBank option among the payment methods offered on the web merchant’s website. This takes them to a pop-up window where they enter the name or BIC (Bank Identifier Code) of their bank.
The customers are then directly taken to their online banking account where they have to authenticate themselves. The details of the payment transaction related to the purchase will be automatically displayed in the customer’s online banking environment. The customer confirms the transaction details and authorises the transfer. The web merchants will then receive confirmation that the payment is authorised and have a guarantee that they will receive the funds – this allows them to ship the product immediately.
Source: www.mybankpayments.eu & www.ebaclearing.eu
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
