24 October 2014

EBA Clearing's MyBank Mandate service opens for registration

10 June 2014  |  3916 views  |  0 EBA clearing logo

EBA Clearing has opened the doors to registrations for its MyBank Mandate service, with Intesa Sanpaolo and UniCredit the first banks to sign on.

MyBank is a pan-European electronic payments service for online shopping, enabling buyers and sellers to complete transactions through their e-banking portals.

Slated to go live on 27 October, the MyBank Mandate service will support the creation, modification and cancellation of Sepa Core Direct Debits, providing consumers with a simple way to agree online and in real-time that their account can be debited.

Having carried out a major pilot involving several banks and corporates, the registration period was kicked off today with a signing ceremony at the EBAday payments conference in Helsinki.

Wolf Kunisch, head, financial processing and software licensing, Worldline, says: "Electronic mandates are the missing link for offering payment via Sepa Direct Debit in an e-commerce context. MyBank Mandates will fill this gap by providing a pan-European mandate solution that can be conveniently used online."

Separately, MyBank has also unveiled plans for a system to provide Access to the Account services, allowing banks to comply with the requirements of the new Payment Services Directive.

The interface will be made available to all buyer banks at no charge, and will enable them to provide a secure, pan-European system to their customers to make payments through Third Party Payment Service Providers.

Vincent Brennan, deputy chairman, EBA, says: "MyBank offers an easy and very practical solution for Access to the Account. We welcome this industry-driven initiative, which we expect to meet the requirements of the PSD2 that are in the process of being defined by the European authorities."

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