Cash And Trade Magazine For Cash and Trade professionals in the Middle East
Dubai and Paris, 16th September 2013
Participants from six European countries take part in the MyBank E-mandate Pilot
- The MyBank E-Mandate solution will allow e-merchants, public institutions and utility companies across Europe to electronically collect SEPA Core Direct Debits
- The pilot will run from October 2013 until February 2014
EBA CLEARING announced today that five financial institutions, 11 major European service providers as well as two corporates from six European countries (Belgium, Finland, France, Great Britain, Italy and the Netherlands) have signed up for the MyBank E-Mandate Pilot, which will be kicked off in October 2013.
The aim of the pilot is to test the pan-European MyBank E-Mandate solution for SEPA Core Direct Debits with regard to reliability, security and usability. The testing will involve all stakeholders to ensure that the different components of the MyBank E-mandate solution work together smoothly and give a flawless end-user experience before the solution is rolled out.
“The simplicity and safety of the MyBank E-Mandate solution will assist us in moving from paper mandates to e-mandates and streamlining key processes around SDD mandate handling,” said Giovanni Vattani, Head of Payment Systems at Enel Market Division Italy, the leading Italian electricity provider. “It will also support us in reducing cost in the management of SDD mandates.”
“The MyBank E-Mandate Pilot marks another milestone in the roll-out of the solution to e-merchants and retail customers all across Europe, said John Broxis, Director at EBA CLEARING. “E-merchants, public institutions and other billers are impatiently awaiting a pan-European e-mandate solution that allows them to collect SEPA Direct Debits and MyBank is the first solution to respond to that call.”
The MyBank E-Mandate Pilot will run until February 2014. It is foreseen that MyBank users will be able to create, modify and cancel e-mandates for SEPA Core Direct Debits from the beginning of next year.
MyBank currently counts 51 participants, which make the solution available to over 10 million retail customers for the initiation of SEPA Credit Transfers. The MyBank participants are located in France, Italy and Luxembourg. Financial institutions from other countries are making plans to join MyBank during 2014 after the SEPA migration.
