EBA Clearing has sent the first MyBank test transaction between two banks. The demonstration involved the French BRED Banque Populaire and Istituto Centrale delle Banche Popolari Italiane (ICBPI) and took place at the EBAday payments conference in Edinburgh. It marked a prelude to the technical pilot phase of the MyBank project, which will start on 4 June 2012.
The MyBank Pilot will start less than a year after the company announced its commitment to delivering a pan-European electronic payment (e-payment) solution and will run until the end of October 2012. The aim of the pilot phase is to prove that the different solution components work together smoothly and give an excellent end-user experience. The solution will be tested at both national and cross-border level by banks and other payment service providers, merchants, customers, integrators and routing service providers.
“EBA Clearing is very pleased to take this next step towards the live deployment of the MyBank Service,” said Giorgio Ferrero, chairman of EBA Clearing. “Pioneering a pan-European e-payment solution is both a visionary and a cost-conscious choice. We look forward to working with the MyBank pilot participants on the fine-tuning of the solution and its subsequent roll-out, which will contribute a major milestone to the creation of e-SEPA [single euro payments area].” It is planned to make available the MyBank solution to consumers across Europe from early 2013 on.
Banking communities across Europe and individual institutions are making preparations to roll out e-payment solutions that will rely on the MyBank functionality. In Austria, the co-operation platform of the largest Austrian banks and financial institutions, Stuzza, is building a MyBank interface to facilitate the connection of the Austrian banks to the solution. In Italy, the major banks and e-merchants have embraced the initiative.
The Luxembourg banking community is working on the implementation of a MyBank-based service that will support citizens in their payments to the local government. In other European countries, such as France or Greece, individual players have already confirmed their participation in the pilot.
MyBank comes at a timely moment, as both the market and policy makers are calling for Europe-wide e-payment solutions. The newly formed e-commerce Europe, which represents companies selling products and/or services to consumers in Europe and was founded by leading national e-commerce associations, welcomes MyBank as the pan-European e-payment solution that merchants have been waiting for.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.