EBA Clearing is set to roll out the MyBank pilot in May 2012. The company is working with relevant stakeholders ranging from consumes to e-merchants and banks to ensure that this new project meets their requirements and expectations.
MyBank is Europe-wide Online Banking e-Payment (OBeP) service which enables customers to pay for online purchases through their familiar online banking interface. To be able to pay, customers will have to select the MyBank button among the payment methods offered by their e-merchant. Customers will then choose their bank and will be redirected to their bank’s online banking portal where they log onto their account with their regular access data. They will find the details of their purchase displayed in the online banking interface and will only have to authorise the transaction to initiate the payment. The e-merchant will be immediately notified once the transaction has been authorised.
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. Initially, EBA Clearing will use the SEPA schemes to develop the e-payment service, but in the long run it is set to offer a multi-purpose service which can be re-used for various payments instruments or other applications such as e-identity services.
EBA Clearing is owned by 67 banks operating in Europe. It manages a processing infrastructure for euro retail payments which includes 4,670 banks across Europe.
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