Eleven Banks Sign for MyBank Network Launch

The European Banking Association’s EBA Clearing unit said that 11 financial institutions, from France, Italy and Luxembourg, have agreed to join its MyBank solution for its 25 March 2013 launch. Their move makes the solution available to millions of retail customers and thousands of merchants across Europe who operate electronic payments (e-merchants).

The March 2013 ‘go live’ will mark the first step of the rollout of this pan-European electronic authorisation solution for online payments across the single euro payments area (SEPA).

EBA Clearing said that payment service providers (PSPs) and e-merchants offering the MyBank solution to their customers from next March will be able to rely on the support of 16 integrators, which have declared that they will offer off-the-shelf technical solutions to PSPs and e-merchants wishing to offer the solution from day one. Nine participants in the first joining window are located in Italy, providing a solid basis for the solution to be quickly accepted throughout Europe.

“We are very pleased that MyBank will become available to a vast user community in Italy right from the beginning, so consumers and businesses can immediately benefit from this safe and simple solution when shopping or selling on the internet,” said Giorgio Ferrero, chairman of EBA Clearing. “This first joining window marks only the first step towards rolling out MyBank to e-merchants and retail customers all across Europe and we are confident that more PSPs in other European countries will join the solution throughout 2013.”

The ‘go live’ of the solution in March 2013 follows the successful completion of a pilot last month. In a first phase, MyBank will support the initiation of SEPA Credit Transfers (SCTs) via browser-based applications. A mobile application and functionality supporting the creation or modification of electronic mandates (e-mandates) for SEPA Direct Debits (SDDs) is planned to follow later next year.

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