Netherlands bank ING announced that commencing June 1 2015, customers of businesses and government agencies can pay for products and services using secure digital direct debit mandates (e-mandates).
ING said that it is the first Dutch bank to provide the e-mandate service for its corporate customers. The service enables organisations to offer payment by direct debit through their websites.
Equens, one of Europe’s largest payment providers, will handle the technical processing of the e-mandates. ING added that the new solution is more efficient and user-friendly than the traditional, existing direct debit mandate.
“The e-mandate enables businesses to improve the efficiency of their direct debit process, thereby saving costs associated with paper direct debit instructions and sidestepping the lack of security of the existing online direct debit mandate procedure,” the bank commented
“Consumers can use the online service to issue their direct debits electronically through their trusted bank portal, using a method similar to the online iDEAL payment.”
Roel Popping, director of payments, ING Nederland, said: “Our customers are looking to issue direct debit mandates in a way that is easy, user-friendly and secure, and the e-mandate service enables them to do just that – all electronically. Business customers ranging from online stores to energy providers will be able to further optimise their direct debit process through this product.’
Alessandro Baroni, chief marketing officer, Equens, added: “Our platform is equipped to process multiple European solutions and electronic payment and digital identity schemes. We are providing a fully adaptable solution which our customers can easily extend by adding other services.”
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.