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.”
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.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
HSBC arguing that mid-market businesses are missing out on huge exporting opportunities, 3D printing being predicted to cut global trade by 23% in 2060 and the blockchain community launching a voluntary transparency project all hit the latest headlines in the world of treasury this week.
While corporates have more choice when it comes to choosing financial services, the core relationship between banks and businesses hasn't changed, argues Michael Cummins, head of treasury solutions at Citizens Bank.