European provider of infrastructural payment solutions, EBA Clearing, announces that a Luxembourg bank and four Italian payment banks have launched, the alternative payment solution, MyBank.
MyBank, which allows for online payment to take place through regular, online, banking, channels, expects another 18 financial institutions to take on the MyBank solution on 29th July 2013, making a total of 51 participants and exposure to more than ten million online shoppers, merely four months since it arrived on the market. Another 100 Italian banks will be on board by the end of the year and closer to the SEPA migration in 2014 many banks from other European countries are planning to do the same.
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Right now, the solution enables customers to pay for their purchases in a card-not-present environment without their bank account details which obviously makes for a more secure payment environment and by 2014, it will be possible to change and stop e-mandates for SEPA Core Direct Debits.