PARIS | Worldline introduces electronic mandate services for SEPA Direct Debits (SDD) using the MyBank ePayment framework. Worldline will enable online businesses and ecommerce merchants to use so-called MyBank Mandates to simplify direct debits across SEPA Europe.
The Missing Link
Electronic mandates are the missing link to enable payment via SEPA Direct Debit in an e-commerce context, particularly on a cross-border level. Electronic Mandates can be seen as the electronic 'statement' from customers and shoppers that grant permission to the business or merchant to debit their bank account. The MyBank solution provides the framework to collect these so-called electronic Mandates, or eMandates.
Worldline is one of the first to offer a SEPA compliant solution to process eMandate and ePayment with MyBank in the 34 European countries of the SEPA area. Worldline will assist financial institutions and merchants across Europe in connecting to the new eMandate solution starting October 2014.
Redirect customers to their banks
With e-SEPA, consumers can pay for their orders online through a direct debit or a credit transfer. With MyBank, Worldline enables merchants to redirect customers to their banks and validation services on the customer’s bank’s side for authentication.
MyBank Mandates will support the electronic creation, modification and cancellation of mandates (='permission of the customer to debit its bank account'). At the same time, MyBank Mandates will also support mandates by consumers waiving their automatic “no-questions-asked” refund right.
MyBank Mandates do not interfere with the statutory refund rights provided under consumer law. This will help bridge the gap between today’s situation, where no-refund direct debits still exist as niche products in several countries, and the introduction of a pan-European scheme foreseen in the coming years.
Showcasing MyBank Mandate Solution
Worldline will be showcasing its MyBank opportunities at Sibos 2014, taking place September 29—October 2, 2014. Meet its experts during a specific presentation about “After SEPA: MyBank new opportunities” today at 11.00 hour.
Article by About-Payments, sourced from Press-Release Worldline, September 29th, 2014