#InaNutshell: What is MyBank?
MyBank is an e-payment solution that enables irrevocable wire transfers with immediate confirmation.
Alternative to more conventional payment methods, such as cards and further options, MyBank allows to use the online banking environment for fast, reliable and secure transactions with no need for new registrations and no apps to download. Click here to see how it works.
Furthermore, MyBank is an efficient and easy-to-integrate payment collection solution for businesses, freelance professionals, non-profit organisations and public administration entities. Click here to find out its advantages.
MyBank solutions are provided by banks and further Payment Service Providers.
Click here to learn more.
MyBank: features and advantages
For Payers
Immediate payment
➡️ Real-time transaction confirmation for both payers and payees: no payment processing waiting times.
Pre-filled bank transfer form
➡️ Fast and frictionless: no need to type in lengthy bank codes or further data.
No activation needed
➡️ No need for new registrations, additional passwords or apps to download. Your existing credentials for accessing the online banking service are everything you need.
No amount limits
➡️ No maximum amount limit for your transactions: payments of any amount are allowed as long as the necessary funds are available on your bank account.
Digital identity protection
➡️ Your personal data always remain safe, with no third-party sharing.
Secure transactions
➡️ Transactions via MyBank are secure: its e-authorisation processes are based on
a SCA architecture and on up-to-date secure web standards and protocols.
Traceable payments
➡️ All payments are recorded on your bank account: any transactions can be monitored and traced.
Anywhere and on any device
➡️ Based on SEPA (Single Euro Payments Area), MyBank can be used throughout Europe and from any device (pc, smartphone or tablet).
For Payees
Immediate certainty of payment
➡️ Transactions are irrevocable and with real-time confirmation: you have immediate SCT collection certainty, with no need to wait for processing times.
As a result, business processes are optimised.
No amount limits
➡️ No maximum amount limit for the transactions, provided the necessary funds are available on the payer’s bank account: the ideal solution for mid-to-high tickets.
Simple and cost-effective integration
➡️ Easy and cost-effective to integrate: only a few minor integrations are needed to implement it on your e-commerce website.
Online payment collection even with no ecommerce
➡️ Available for activation through pay-by-link solutions: digital payment collection is easily done with payment links sent to payers via email, sms or via a QR code.
Compliance with PSD2, AML, FATF, GDPR EU Directives
➡️ No need to store sensitive data or make further investments for law compliance.
With 100% automatic reconciliation
➡️ MyBank transfer form is fully pre-filled and the transaction is irrevocable: payment data can never be confused, modified, cancelled. As a result, cash flow is optimised.
Minimised frauds and chargebacks
➡️ Thanks to Strong Customer Authentication (SCA) systems, fraud and chargeback related risks are minimized.
Increased conversions and average ticket
➡️ Frictionless, fast and secure payments with no transaction amount limit result in an increase of both conversions and average ticket value.