NETHERLANDS | Smart2Pay has recently updated its payment offering by adding the pan-european payment solution MyBank. MyBank allows online shoppers to complete purchases by using their secure online banking environment.
MyBank allows online shoppers to pay on the internet without sharing their personal bank account details. Instead, they use the secure and familiar procedures of their online banking environment. When shoppers wish to complete their purchase, they click on the MyBank button amongst other online payment methods offered. This takes them to a pop-up window where they select the name or BIC (Bank Identifier Code) of their bank. Customers authenticate themselves, confirm the details of the transaction and authorise their bank to process the payment. Merchants receive a confirmation of the payment initiation in realtime and can finalise the order.
Smart2Pay First Payment Service Provider to support MyBank
Cristina Macuc, product manager of Smart2Pay: "We are pleased to announce that we have successfully added MyBank to our offering. Smart2Pay is the first Payment Service Provider to offer this full service and we are proud of it.”
MyBank Continues European Expansion
Last December, MyBank announced that the number of banks participating in MyBank increased. The third MyBank Joining Window resulted in 85 new banks joining the new payment solution. This January, another 300 Banks having completed their self-certification will be activated and means a sevenfold increase in the number of participating banks in the MyBank solution. MyBank currently already covers all major banks in Italy.
Smart2Pay, the company with the world's largest coverage of online alternative payment solutions, is offering local payment services to international merchants since 2002, covering more than 70 countries worldwide. Their head office is based in Amsterdam area (The Netherlands); and they have offices in Austria, Brazil and Romania. Smart2Pay have partnered with many banks and financial institutions all over the world. Smart2Pay is a one stop shop for leading merchants selling goods or services over the internet globally. Visit Smart2Pay's website.
MyBank is an electronic authorisation solution that makes it easier and safer to sell and buy goods and services over the internet all across Europe. MyBank enables customers to pay for their online purchases via their regular online banking environment or the payment application of their payment service provider. The solution is open to all authorised payment service providers in the Single Euro Payments Area (SEPA) including, without limitation, credit institutions and payment institutions. MyBank is geared at supporting the initiation of e-payments via the SEPA instruments. The solution is expandable and may at a later stage also be used for transactions in other currencies or for e-identity services. MyBank has been developed by EBA CLEARING, which also manages the solution. EBA CLEARING is a provider of pan-European payment infrastructure solutions owned by 63 of the major banks operating in Europe. Visit MyBank's website.
Sourced from Smart2Pay and MyBank, December 2013