PARIS | The Pan-European Payments Solution MyBank went live with their 'MyBank Mandates for SEPA Core Direct Debits'. In other words, MyBank successfully launched their technical framework that allows merchants and businesses across Europe to easily get permission from consumers and businesses to debit their bank account in SEPA countries.
MyBank Mandates Support
Some financial institutions and payment service providers are currently in the process of adopting this pan-European electronic mandate solution for SEPA Direct Debits (SDDs) and to enrol it to corporate and retail customers. For 2015, again 3 joining windows have been planned to have participants (banks, financial institutions and service providers) implement and certify the MyBank solution.
Direct Debits to drive European E-commerce
By enabling consumers to conveniently pay via direct debits when shopping or settling (recurring) bills online, MyBank Mandates extends the benefits of this popular payment instrument to the digital environment.
“The changeover to SEPA has finally been achieved, except for a couple of open points that still need to be addressed, such as Internet-enabled mandates. For e-commerce businesses, it is of crucial importance to be able to set up mandates with their customers in a fully electronic way, i.e. without the need for a manual signature,” said Steffen von Blumröder, Head of Department Banking & Financial Services, BITKOM.
Replacing Paper Mandates
John Broxis, Managing Director of PRETA S.A.S.: "MyBank Mandates provides customers with an easy way to agree online and in real time that their account can be debited. Merchants and public authorities across Europe will be able to replace paper mandates with this efficient new solution.
Since paper mandates are expensive and lead to higher rejection rates for the first collection, moving to a real-time electronic process that involves the bank of the debtor (whether consumer or business) helps to reduce costs and the time required to collect funds.
For more information, visit the MyBank website.
Sourced from Press Release, October 27th, 2014