Hengeler Mueller advises EBA Clearing on MyBank solution

18. April 2013

EBA CLEARING announced the launch of its pan-European e-authorisation solution “MyBank” for online payments.

MyBank is an electronic authorisation solution that makes it easier and safer to sell and buy goods and services over the Internet all across Europe. MyBank enables customers to pay for their online shopping via the online banking of their payment service provider. The solution is open to all authorised payment service providers in the Single Euro Payments Area (SEPA) including, without limitation, credit institutions and payment institutions. MyBank supports the initiation of e-payments via the SEPA instruments. The solution is expandable and may at a later stage also be used for transactions in other currencies or for e-identity services.

Ten banking groups, representing a total of 28 individual participating institutions, are part of the first participant group. They will now start to roll out the solution to their retail customers and e-merchants across Europe.

EBA CLEARING, which has developed MyBank and manages the solution, is a provider of pan-European payment infrastructure solutions owned by 64 of the major banks operating in Europe.

Hengeler Mueller has been acting as lead counsel to EBA CLEARING in relation to the MyBank project. The Hengeler Mueller team included partner Stefan Krauss and associate Andreas Lischka (both Banking, Frankfurt).