BRUSSELS | The KBC Bank, one of Belgium's largest banks, joins MyBank to offer its retailers and corporate customers an easy and safe way to accept online bank transfers from across Europe. The e-payments solution MyBank allows bank customers across Europe to pay for their online shopping by using their own bank account.
Launch in Spring 2015
KBC bank will launch the MyBank service in spring 2015 to its merchants, corporates and customers. With KBC joining, another one million customers will get access to MyBank. Later in 2015, KBC will also roll out MyBank Mandates, a solution allowing customers to give merchants and businesses permission to debit their bank account (once or on a recurring basis).
Great potential for online payments
“We believe that MyBank is the right strategic move for banks in Belgium and Europe because it allows our customers to easily and safely buy on the Internet by paying via their familiar online banking interface. MyBank holds a great potential for online payments thanks to its versatility and pan-European design.” says Ivo De Meersman, General Manager Payments Belgium, KBC Group (press release here).
MyBank online payment experience
Online shoppers simply click the MyBank button upon checkout, select their bank and are reverted to their trusted online or mobile banking environment. The purchase amount and beneficiary (merchant) details are already filled in and the customer simply confirms payment. These type of payments are called SEPA Credit Transfers (it is the customer that initiates and confirms payment). These credit transfers can not be reversed (contrary to direct debits or card payments) and provide merchants payment guarantee. Merchants receive instant payment confirmation and are settled within 1-2 days.
MyBank is already available in France, Luxembourg and Italy, to over 12 million retail customers. In April this year, MyBank announced another 300 banks are planning to join the solution during 2014. Piraeus Bank, one of the top Greek financial institutions, has been announced to join MyBank this year. MyBank foresees it will be available across the Eurozone within the next two years.