Banks in Italy are moving more towards tech-savvy payment methods, through adoption of chip and contactless solutions in both the web and mobile platforms. These advances are not only taking place because of technological changes, but also the Eurozone initiative of the Single Euro Payments Area (SEPA) which is set to take effect the 1st of February 2014. SEPA will streamline payments in the entire Eurozone and thus reduce the overhead costs of inter-Euro payments with cash and paper instruments, thus benefiting banks and their customers alike.
SEPA migration deadlines may be approaching fast, but Italian banks are on schedule for the transition. Though the date to adopt is little over a half a year away, nearly all Italian banks have begun the migration process to be in line with compliance with SEPA and still honor other contractual agreements. Projections are so optimistic about the adoption that it is assumed the process can be completed by September or October.
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Some studies have found that by 2014, a fifth of commerce will be initiated on the web in the Eurozone. Having this in mind, Italian banks have taken steps to ensure that their customers are well equipped with the best tools to take full advantage of the new SEPA integration. One of these tools is MyBank, a solution that works within the Eurozone to allow account holders to take advantage of SEPA Credit Transfers shopping on the web. MyBank, which can be used on any platform or device, will redirect the client to their bank’s internal systems to facilitate the transfer and thereafter continue with their purchase confirmation.