MyBank project makes pan-European transactions possible

May 25, 2012  |  Europe, Payment

Wouldn’t it be great if it were possible for individuals to sell and buy goods and services over the internet at a pan-European level? The new electronic payment solution MyBank turns this dream into a reality. The successful sending of the first test transaction between two European banks marked a prelude to the technical pilot phase of the MyBank project, which will start on 4 June 2012.

Great timing

MyBank comes at a timely moment, as both the market and policy makers are calling for Europe-wide e-payment solutions. The newly formed Ecommerce Europe, which represents companies selling products and/or services to consumers in Europe and was founded by leading national e-commerce associations, welcomes MyBank as the pan-European e-payment solution that merchants have been waiting for.

Digital agenda

At the same time, the European Commission has launched a Green Paper “Towards an integrated future for card, internet and mobile payments” and governments across Europe are stepping up their activities to implement a digital agenda geared at building a smarter economy based on innovative services and a more efficient use of resources. It is planned to make the MyBank solution available to consumers across Europe from early 2013 on.

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