Belgium’s KBC said that it will become the country’s first bank to join MyBank and will offer the Europe-wide payment method to their retail and corporate customers from spring 2015 onwards.
Later next year, KBC will also roll out MyBank Mandates, a solution that will allow customers to authorise electronic mandates for the payment of recurrent bills or online purchases via single euro payments area (SEPA) direct debits (SDDs).
Merchants and public authorities across Europe will be able to replace paper mandates with the new solution. Moving to an electronic process that informs the bank of the debtor about the signing of a mandate in real-time will reduce costs and the time required to collect funds.
“We believe that MyBank is the right strategic move for banks in Belgium and Europe because it allows our customers to easily and safely buy on the Internet by paying via their familiar online banking interface,” said Ivo De Meersman, general manager payments Belgium, KBC Group.
“MyBank holds a great potential for online payments thanks to its versatility and pan-European design.”
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