BRUSSELS | MyBank - the pan-European e-payments solution - shows strong growth according to EBA Clearing (Preta S.A.S.) - owner of the MyBank brand and solution. MyBank sees an uptake in both consumer (e-commerce) and business-to-business payments.
MyBank allows shoppers to pay for goods and services directly from their online bank account. MyBank provides the infrastructure which facilitates real time e-commerce transactions between banks across Europe. When a shopper or buyer selects MyBank upon checkout, the MyBank solution creates a direct link between the customer’s bank and the bank of the seller (merchant). This direct link eliminates the need to collect and store personal data.
The shopper is prompted to choose his or her bank, and subsequently logs in to their trusted home banking environment where payment details are already fulfilled. The shopper than simply confirms payment with the authentication required by his or her bank (and the shopper is used to). The bank then creates a SEPA Credit Transfer - directly transferring money from the shoppers' bank account to the merchant's bank account.
MyBank usage grows
During 2014, MyBank transactions volumes grew by more than 25% every month and about 40% by value each month. The increases came both from new merchants taking MyBank, and from existing merchants increasing the volume and value of transactions.
MyBank for consumers
The biggest merchants using MyBank are from the insurance sector – two of the top five Italian on-line insurers use MyBank. This is followed by the electricity sectors followed by fashion and clothing. The average value of a transaction, was €948, which takes it above the normal threshold for e-commerce transactions offered by other methods of payments. Last year MyBank announced that 4,000 italian merchants started to accept MyBank transactions via Banca Sella's Gateway solution.
Business to Business
MyBank is increasingly being used to make business-to-business payments. Corporates are using MyBank as a cash management and ordering tool between a head office and agencies. MyBank has no amount limit, and the the value of transactions more than doubled in December, with the highest value transaction so far being €58,778.
MyBank Outlook for 2015
While the starting point from which the growth started was fairly low, the growth rate was in line with what was expected, and this growth is forecast to continue during 2015. The MyBank service will be adopted later this year in three new countries and by a number of new banks. New merchants are already lined up to accept MyBank payments.
Sourced from Press Release MyBank, January 27th, 2015