MyBank Launches Pan-European E-authorisation Solution for Online Payments

MyBank’s pan-European electronic authorisation (e-authorisation) solution for online payments, orchestrated by EBA Clearing, has launched with 28 participating banks, including nine payment banks in Italy representing 27 institutions such as Intesa SanPaolo and Veneto Banca.

The nationwide rollout in Italy, which is taking the lead for the project, will be followed by a new range of electronic payment (e-payment), identification and online e-commerce services by the end of 2013, added the participating banks. A total of 36 other banks across Europe, representing all the bank owners of EBA Clearing, are signed up to join the e-authorisation platform later in the year.

The MyBank cross-border electronic e-authorisation solution from 64 European banks, will allow European consumers to pay for shopping via the internet or mobile channels without sharing account details, as it provides a protected link to the consumer’s own online bank account. It is effectively a portal linking customers directly to their own online bank. EBA Clearing hopes its MyBank logo will be placed on merchant websites alongside Visa, MasterCard or PayPal payment options, for instance, so that banks remain part of the valuable, front-end financial services ecosystem.

According to EBA Clearing’s chief executive officer (CEO), Gilbert Lichter, the MyBank solution will also generate important cost savings for public agencies, utility companies and other billers, which could ease the processing burden on treasurers, banks, payment providers and other participants in the financial supply chain in future years. “It will help to further automate their billing processes, while facilitating customers’ payment initiation through their online banking,” said Lichter.

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