The four biggest banks in Greece are to adopt EBA Clearing's MyBank service to fulfill customer online shopping transactions direct from the banks' websites.
Piraeus Bank, National Bank of Greece, Eurobank and Alpha Bank, with a market share coverage of more than 90% of the Greek market, will roll out the system in Q4 2015.
Customers using MyBank do not have to communicate their payment details or personal credentials to any third parties, since the payment initiation, mandate creation or transaction validation process takes place at the banking back-end.
MyBank, which is owned and managed by EBA Clearing subsidiary Preta SAS, is currently available to over 12 million retail customers in Italy, France and Luxembourg, with an average transaction value of EUR500. The addition of the Greek banks opens up another key market for MyBank participants, as the platform bids to extend its reach across the euro zone.
“E-commerce is set to grow rapidly in Greece at a rate of 50 to 60% per year, and it is essential that we provide consumers with secure and reliable ways of making payments," says Christos Gortsos, secretary general at the Hellenic Bank Association. "The cross-border aspect is especially welcome to e-merchants from the airlines and traveling sector in Greece as it offers them the opportunity to expand sales of their products and services to a pan-European level in a reliable and secure way.”
The MyBank onboarding process and local support will be managed by Dias, which provides clearing services to Greek banks.