Europe B2C Ecommerce Report 2013

ONLINE PAYMENTS IN EUROPE EUROPE B2C E-COMMERCE 37
MyBank and SEPA
MyBank is an e-authorization method that will initially be
the core of an online payment scheme. User experience
in respect of this product will be fairly similar to the
Dutch iDEAL system. The EBA Clearing initiative is set
to create a completely new ‘e-authorization scheme’ that
will eventually support both SEPA Credit Transfers (SCT)
and SEPA Direct Debits (SDD), using the online banking
portal. The service will provide buyers and sellers from all
over Europe with the ability to exchange payment orders
and e-mandates directly through their online banking
portals. The new service will be made available for
banks and licensed payment institutions, in line with the
Payment Services Directive and the relevant regulatory
requirements. Banks and their customers will be able to
expand their businesses in the e-commerce market
via the SEPA-wide service based on the pan-European
interbank payment infrastructure.
MyBank is an e-authorisation solution offered by EBA
CLEARING which makes it easier and safer to sell and
buy goods and services over the Internet all across
Europe. MyBank is geared at facilitating the growth
of e-commerce in Europe and supports e-payments
based on the SEPA instruments.
By July 2013, only four months after the launch,
MyBank will count 42 participating banks from 3
different countries, namely Italy, France and Luxem-
bourg. These banks have started to offer the solution to
millions of online shoppers, which can use MyBank
to 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.
The MyBank E-mandate Pilot is scheduled to run from
October 2013 to February 2014. The pilot will involve
banks, service providers and corporates which will
ensure in co-operation that the different components
of the MyBank E-mandate solution work together
seamlessly before the solution will be rolled out. It is
expected that MyBank users will be able to create,
modify and cancel e-mandates for SEPA Core Direct
Debits by the beginning of next year.
Today, MyBank already enables the e-authorisation
of payments through mobile device browsers.
For the near future, it is planned that MyBank will also
support the usage of m-banking applications and of
m-shopping applications offered by merchants.
In March 2013, EBA CLEARING also launched the
MyBank Service Provider Program which supports
service providers in developing ready-to-use solutions
for merchants and banks all over Europe that wish to
implement MyBank.
Access to the payment account
A new development of which merchants have high expec-
tations is the concept dubbed by the European Central