MyBank has completed a major testing phase of its electronic mandate solution. Seven service providers participating in the MyBank Mandate completed the first and second phase of an exercise geared at testing the user-friendliness, business processes and technical infrastructure of the e-mandate solution to ensure they fulfil the expectations of all stakeholders involved.
The MyBank Mandate solution, scheduled for an official launch later this year, allows European e-merchants, public institutions and utility companies to collect single euro payments area (SEPA) direct debits (SDDs) via a safe online sign-up. Customers consent electronically to being debited instead of using a paper form, thereby reducing fraud, postage costs as well as manual handling and improved reconciliation. At the same time, companies can give their customers a real-time mobile or web experience for making payments.
“MyBank provides real solutions to real problems linked to SEPA migration; these solutions reduce costs and improve working capital flows,” said managing director, John Broxis. “The demand by merchants for a pan-European electronic mandate solution is clear, and banks will be able to help them provide such a solution to their customers.”
The MyBank solution will enable customers to authorise mandates for SDDs via their online or mobile banking with the creditor being notified in real-time. The testing phase, now completed, is part of the MyBank Mandate Pilot, which brings together participants from banks, service providers and merchants:
- Three financial institutions (FIs).
- Thirteen service providers from five countries, including large IT vendors for banks, mandate management providers and some of the new SEPA-based e-mandate providers such as AcceptMail, Twikey and Slimpay.
- Five merchants from the telephone, insurance and utility sectors.
MyBank currently counts 51 participants, making the solution available to over 10 million retail customers for the initiation of SEPA credit transfers (SCTs) and is already available in three countries with participants in France, Luxembourg and Italy, where MyBank has a particularly strong customer base with utility and insurance companies as well as government agencies. MyBank aims to be available across the eurozone by early 2016.
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