Today KBC announced that they are joining MyBank and will offer this Europe-wide payment method to their retail and corporate customers from spring 2015 on.
MyBank is an online payment solution that allows bank customers across Europe to pay for their online shopping by using their own bank account: the MyBank button redirects internet shoppers to their online or mobile banking platform, where they can pay by confirming a SEPA Credit Transfer order that already has all the details filled in.Later in 2015, 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 SEPA Direct Debits. Merchants and public authorities across Europe will be able to replace paper mandates with this efficient new solution. Moving to an electronic process that informs the bank of the debtor about the signing of a mandate in real-time reduces costs and the time required to collect funds.With KBC joining, another one million customers will get access to MyBank. In addition, KBC will gradually on-board their merchants and corporates.“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. MyBank holds a great potential for online payments thanks to its versatility and pan-European design.”Ivo De Meersman, General Manager Payments Belgium, KBC Group“We are very pleased that KBC joins the banks and merchants already live with MyBank. We have created a solution that is increasingly being used throughout the European countries and supports consumers, businesses and public administrations in experiencing Europe as a truly integrated market. The adoption of MyBank by KBC as first Belgian bank-insurer takes the solution a step further along the path.” Giorgio Ferrero, Chairman, PRETALaunched in 2013, MyBank is currently available to over 12 million retail customers in Italy, France and Luxembourg and supports the initiation of SEPA Credit Transfers via online or mobile banking. From October 2014 on, the solution will also enable customers to create, modify and cancel electronic mandates for direct debits.Customers using MyBank do not have to communicate their payment details or other confidential data to any web shops or other third parties, since the payment process takes place within the highly secured environment of their own bank. E-merchants using MyBank are informed in real time that the customer has initiated the payment.
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© Finextra Research 2015