Nine Italian banks will begin a nationwide rollout of MyBank, an electronic payment system that allows bank customers in the Single Euro Payment Zone to make e-commerce purchases through online banking.
The nine banks, representing 27 participating financial institutions, will make the system available to all of their business and retail customers before the end of 2013, Euro Banking Association Clearing announced this week. EBA Clearing is a Paris-based provider of pan-European payment infrastructure services.
When using the service, customers shopping online can initiate Sepa payments without the need to disclose personal bank account or payment details to any third parties. By the end of this year, MyBank users will also be able to create, modify and cancel e-mandates for Sepa direct debits, the release states.
Plans to deploy MyBank-based payment products in other European countries are ongoing, says the EBA. A bank from France, Bred Banque Populaire, participated in the launch and as many as 36 other financial institutions from several other countries are planning to sign up, the EBA states.
The scheme may be expanded to include non-euro currencies, EBA says.
"The Italian e-merchant community looks forward to an e-payment method that combines high conversion rates and reach with low fraud levels," Roberto Liscia, president of Italy's e-merchant association Netcomm, says in the release. "And the special beauty about MyBank is that it can be used both in Italy and across Europe," he adds.