The Hellenic Bank Association (HBA) and MyBank said that Greece’s four major banks will be adopting the MyBank online payment solution before the end of this year.
The participating banks will be Piraeus Bank, National Bank of Greece, Eurobank and Alpha Bank, with a market share coverage of more than 90% of the Greek market.
MyBank will offer to the key stakeholders of the Greek e-commerce market (e-customers, private and public sector e-merchants and participating banks) an additional payment option next to payment cards, to complete their online shopping experience. Additionally, the online payment solution will extend the reach of the participants in a steadily growing local and pan-European e-commerce market.
“E-commerce is set to grow rapidly in Greece at a rate of 50 to 60% per year, and it is essential that we provide consumers with secure and reliable ways of making payments,” said Prof. Christos Gortsos, secretary general at the HBA.
“The cross-border aspect is especially welcome to e-merchants from the airlines and traveling sector in Greece as it offers them the opportunity to expand sales of their products and services to a pan-European level in a reliable and secure way.”
The onboarding process and local support will be managed by DIAS S.A., which provides clearing services to Greek banks. DIAS will facilitate the integration path for participating credit institutions, which will pave the way for mass adoption from both buyers and sellers.
The exact launch date will be set jointly by all parties involved; the go-live is expected to take place within Q4 of 2015.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.