MyBank passes mandate pilot test phase
19 February 2014 | 1778 views | 0
Source: EBA Clearing
MyBank announced today the successful completion of a major testing phase of its electronic mandate solution.
Seven service providers participating in the MyBank Mandate pilot have completed the first and second phase of an exercise geared at testing the user-friendliness, business processes and technical infrastructure of the e-mandate solution to ensure they fulfil the expectations of all stakeholders involved.
The MyBank Mandate solution allows e-merchants, public institutions and utility companies across Europe to collect SEPA Direct Debits via a safe online sign-up. Customers give their consent electronically to being debited instead of using a paper form. This reduces fraud, postage costs as well as manual handling and improves reconciliation. At the same time, companies can give their customers a real-time mobile or web experience for making payments.
John Broxis, Managing Director of MyBank, said: "MyBank provides real solutions to real problems linked to SEPA migration; these solutions reduce costs and improve working capital flows. The demand by merchants for a pan-European electronic mandate solution is clear, and banks will be able to help them provide such a solution to their customers."
The MyBank solution will enable customers to authorise mandates for SEPA Direct Debits via their online or mobile banking with the creditor being notified in real-time. The testing phase, which has now been completed, is part of the MyBank Mandate Pilot, which brings together participants from banks, service providers and merchants:
• 3 financial institutions;
• 13 service providers from 5 countries, including large IT vendors for banks, mandate management providers and some of the new SEPA-based e-mandate providers such as AcceptMail, Twikey and Slimpay;
• 5 merchants from the telephone, insurance and utility sectors.
The MyBank Mandate solution is expected to be available later in 2014.
MyBank currently counts 51 participants, which make the solution available to over 10 million retail customers for the initiation of SEPA Credit Transfers. MyBank is already available in three countries with participants in France, Luxembourg and Italy, where MyBank has a particularly strong customer base with utility and insurance companies as well as government agencies demonstrating a keen interest in the MyBank Mandate solution to replace legacy processes. It is foreseen that MyBank will be available across the Eurozone within the next two years.