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European banks adopt transaction routing platform for future proof e-commerce

E-commerce involves much more than payments, it covers all the processes involved in a business transaction, such as e-mandates, digital IDs, payment confirmation and reconciliation, etc. As if this wasn’t enough, e-commerce is also multi-channel in multiple countries each with their own standards and processes. There are global standards such as ISO 20022 coming, but they are nowhere near global yet. Banks have to provide e-commerce services and support today. One option is to adopt third party platforms that insulate the bank from all the standard and processes that are happening world-wide. 

Equens platform in Europe

Equens have developed a future-proof commerce transactions routing platform as part of its strategy to support as many different channels as possible (including Point- of-Sale, web and mobile). The platform Equens developed for eMandate transactions will soon also be equipped to process other types of transaction flows, such as iDEAL payments and digital identity transactions. The introduction of the eMandates* product meets the growing market demand for conducting business online as much as possible, as well as being in line with the digitisation trend in payments and identification.

Several banks have contracted Equens as their service provider for eMandates, having signed long-term contracts with the company. eMandates are the electronic version of direct-debit mandates and will eventually replace the traditional paper process. Consumers can use eMandates to online authorise companies via their online bank environment to debit their account using secure methods.

Marlies van Elst, General Manager Marketing & Sales, Equens: “The world of payments is rapidly changing. We are aware of the complexity faced by financial institutions due to the arrival of new technologies and payment products. With our new, future-proof routing platform, we are helping our clients to effectively respond to new trends and developments. Our platform is equipped to process a variety of European solutions and payment schemes, including eMandates, iDEAL, e-ID and MyBank.

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* Dutch banks eMandates standard: The cooperating Dutch banks have agreed on the standard to be used for eMandates, in order to accelerate and facilitate the collection and management of direct-debit mandates for consumers and businesses in a secure manner. By mid-2015, consumers will be able to issue the first eMandates, via a user-friendly process that works similar to Dutch based iDEAL payments solution.


CTMfile take: Corporates need to be sure that their transaction processing bank will be able to cope with the myriad of different standards and variations in their e-commerce markets. Omni-channel payment and e-commerce solutions are now essential.

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