MyBank has gone live with MyBank Mandates for single euro payments area (SEPA) core direct debits (SDDs), following the successful conclusion of the first joining window.
Financial institutions and service providers are in the process of rolling out this pan-European electronic mandate solution for SDDs) to corporate and retail customers across Europe. By enabling buyers to conveniently pay via SDD when shopping or settling bills online, MyBank Mandates extends the benefits of this popular payment instrument to the digital environment.
“The changeover to SEPA has finally been achieved, except for a couple of open points that still need to be addressed, such as Internet-enabled mandates,” said Steffen von Blumröder, head of department banking and financial services, BITKOM, Germany’s Federal Association for Information Technology, Telecommunications and New Media
“For e-commerce businesses, it is of crucial importance to be able to set up mandates with their customers in a fully electronic way, i.e. without the need for a manual signature,”
“MyBank Mandates is the next building block in creating a suite of services to support payments and identity services in the digital space,” said John Broxis, managing director of PRETA SAS. “There is a clear demand from consumers and merchants for a simple and secure authorisation process for direct debits.” PRETA, a wholly owned subsidiary of EBA CLEARING, a provider of pan-European payment solutions., is owner and manager of MyBank.
MyBank Mandates provides customers with an easy way to agree online and in real time that their account can be debited. Merchants and public authorities across Europe will be able to replace paper mandates with the new solution.
“Since paper mandates are expensive and lead to higher rejection rates for the first collection, moving to a real-time electronic process that involves the bank of the debtor helps to reduce costs and the time required to collect funds,” said MyBank.
MyBank is an e-authorisation solution that enables customers to pay for their online purchases via their regular online or mobile banking environment. The solution is open to all authorised payment service providers (PSPs) within SEPA, including, without limitation, credit institutions and payment institutions.
MyBank currently supports the initiation of SEPA credit transfers (SCTs) and the set-up of SDD e-mandates. MyBank added that supporting the creation, amendment and cancellation of SDD Core and COR1 mandates is only the first deliverable of the MyBank Mandates product suite, which has, among other things, an SDD business-to-business (B2B) solution in the pipeline.
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