Credit Transfer: EBA is About to Launch their MyBank Solution
- At their last annual conference in May 2012, EBA Clearing provided the first demonstration of a test transaction using its online payment system MyBank.
- This beta testing involved the French bank BRED and the Banque Populaire's Central Institution in Italy (ICBPI) and served as a prelude to the four month pilot phase starting in early June 2012, with rollout expected in early 2013.
- The MyBank project had already been presented last year as an innovative e-payment solution enabling transactions between shoppers and merchants via their home-banking application.
- This "SEPA compliant" system is a response to renewed demands by European authorities and consumer associations for the development of new e-commerce payment solutions.
Source: Finextra
- This project is yet another example to add to the huge array of existing e-payment solutions based either on cards, e-wallets, micro-payment or prepaid solutions. MyBank does not rely on a card account and is quite similar to the iDEAL product introduced by Dutch banks over five years ago and which is rapidly becoming the most widely used solution by Dutch online shoppers and retailers, with a market penetration rate of over 80%.
- It also meets the wishes expressed by European and national authorities (see the Pauget Constans report) with regard to the need for high performance, user-friendly, competitively priced solutions to match the needs of the various stakeholders in the e-commerce industry.
- At the end of the day, apart from the Dutch case previously mentioned, few other solutions have had such an impact. Although a large number of players draw their inspiration from a harmonised European model, they also need to take into account their national market to decide which approach to adopt.
- Incidentally, the French e-payment landscape, which has already welcomed several newcomers such as Kwixo, Hi-Pay, Buyster and Wexpay is expected to see the arrival of more new members under the auspices of the Cartes Bancaires Group or other international schemes.