Launch date for MyBank Mandates set for 27th October 2014

e-commerce

After a successful pilot, MyBank has announced October 27th will be the launch date for MyBank Mandates.

Financial institutions and service providers in Europe have started preparations to roll out this pan-European electronic mandate functionality for SEPA Direct Debits to their customers from that date on.

MyBank Mandates provide direct debit users with a 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 new solution.

SEPA has provided pan-European direct debits, now e-commerce merchants and utility companies need real-time, pan-European electronic solutions such as MyBank Mandates to reap the benefits of direct debits online.” said Paul Alfing, Chairman of the e-Payments Committee of Ecommerce Europe.

“MyBank Mandates is the next building block in creating a suite of services to support payments and identity services in the digital space. There is a clear demand from consumers and merchants for a simple and secure way of setting up direct debits.” said John Broxis, General Manager of PRETA.

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