Italian banks commence roll out of MyBank payment scheme

Italian banks commence roll out of MyBank payment scheme

Nine Italian payment banks have begun the national roll out of the MyBank electronic payment scheme from EBA Clearing, enabling customers to pay for goods and services at online merchants from within their e-banking portals.

The nine Italian banking groups, representing 27 participating institutions, have committed to making the scheme available to all of their business and retail customers before the end of 2013.

Using the service, Internet shoppers can initiate Sepa Credit Transfers via their regular online or mobile banking interface without the need to disclose their personal bank account or payment details to any third parties. By the end of this year, MyBank users will also be able to create, modify and cancel e-mandates for Sepa Core Direct Debits.

Roberto Liscia, president of Italy's e-merchant association Netcomm, welcomes the initiative: "The Italian e-merchant community looks forward to an e-payment method that combines high conversion rates and reach with low fraud levels. And the special beauty about MyBank is that it can be used both in Italy and across Europe. This makes it a very attractive solution for Italian merchants wishing to expand their business beyond our borders without having to face increased fraud risks."

Preparations for the deployment of MyBank-based payment products in other European countries are ongoing, says the EBA. A first bank from France participated in the launch and financial institutions from several other countries are planning to sign up for one of two additional joining windows in 2013, the organisation states.

Giuseppe Capponcelli, general manager, Istituto Centrale delle Banche Popolari Italiane (ICBPI), says: "As an e-authorisation solution, MyBank has a large potential and provides the opportunity to initiate or secure other online transactions besides Sepa payments."

EBA Clearing says the scheme may be expanded to include non-euro currencies and could also be used as the foundation for the development of pan-European e-identity services.

Comments: (2)

Craig Lawrance
Craig Lawrance - Starkspur Ltd - Chalfonts 25 March, 2013, 15:55Be the first to give this comment the thumbs up 0 likes

how does this technology differ from the Netherlands "Ideal" offering? 

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 25 March, 2013, 17:42Be the first to give this comment the thumbs up 0 likes

As I'd highlighted in this post two years ago, MyBank is similar to iDEAL (The Netherlands), BillDesk (India) and many SVP providers in the USA. As I'd pointed out at the time, "...myBank trumps all incumbent providers ... in its awesome geographical reach and inherent ability to foster trust among consumers." I'm somewhat disappointed that it has taken so long for MyBank to achieve this level of adoption. Time to market doesn't appear to be high on the list of priorities for EBA Clearing.