10 good reasons to offer MyBank payments to your customers

Payments can go through successfully and still leave your business with plenty of work to do.

That is why, when choosing a payment solution, it is important to look beyond the checkout: consider the entire process, how easy it is for customers to pay, the certainty of collection and what happens afterwards.

MyBank brings these considerations together. A payment should be easy to complete, straightforward to verify and efficient to manage — providing immediate operational certainty, including for high-value transactions.

MyBank is a pan-European, scheme-based account-to-account payment solution that enables individuals, businesses and public authorities to make and receive online payments directly from their bank accounts through their usual online banking service, without additional registration or sharing sensitive data with third parties.

At checkout, the payer selects MyBank, chooses their bank and authorises a pre-filled SEPA credit transfer within their usual online banking environment. No additional registration is required, and no sensitive data needs to be shared with third parties. Payment confirmation is provided in real time to both the payer and the payee.

To accept MyBank payments, you need to activate the solution through one of the banks or PSPs participating in the MyBank network. You can then add the MyBank payment button to your website and/or accept payments via a payment link.

Your bank or PSP will provide details of the costs and technical set-up involved in activating MyBank.

You can request the full list of banks and PSPs authorised to provide MyBank payment acceptance services here.

Here are 10 reasons to consider activating MyBank for your payment collections.

Real-time confirmation for faster order processing

With MyBank, the payment is authorised directly through the online banking service of the bank selected by the customer. Confirmation of the transaction is sent in real time to both the payer and the payee.

For businesses accepting payments, this means they can process orders or provide services sooner, without waiting for the funds to be credited or manually checking a bank statement.

Immediate payment confirmation can be particularly useful in sectors where even a one- or two-day wait can affect delivery, product availability or service planning.

Irrevocable bank transfers for greater certainty of payment

MyBank uses an irrevocable SEPA credit transfer. Once authorised, the payment cannot be revoked by the payer in the way that may be possible with a standard bank transfer.

For the payee, this provides greater certainty than a simple payment order. The transaction also remains traceable and transparent throughout the collection process.

100% automatic reconciliation

The SEPA credit transfer is pre-filled with the information needed to identify the transaction, such as the amount, the payee’s IBAN and the order reference.

The customer only needs to check the details and authorise the payment. The payee then receives the information needed to match the payment to the relevant order, invoice or customer account.

In practice, 100% automatic reconciliation helps the business reduce manual checks, spreadsheets and the work involved in matching bank statements with orders and management systems. This gives accounting and administration teams more time to focus on higher-value tasks.

Payments of any amount, with no scheme-imposed amount limit

MyBank allows transactions without an amount limit imposed by the payment scheme. This makes it possible to digitise high-value transactions securely and transparently.

This feature supports a wide range of B2B and B2C sales scenarios, some of which might otherwise rely on more traditional channels.

It is important to note that the absence of a scheme-imposed amount limit does not mean every transaction can be made without restriction. Customers should check any conditions set by their bank — particularly daily, weekly or monthly limits, which may be adjustable — as well as any internal business procedures or other operational requirements.

Where necessary, customers can adjust their limits in advance to help avoid unnecessary blocks or delays when making a payment.

A payment experience built around the customer’s online banking

At checkout, the customer selects MyBank, chooses their bank and is redirected to its online banking environment. There, they can review the pre-filled transfer details and authorise the payment. They do not need to enter the IBAN, amount or payment reference manually, sign up for an additional service or create a new account.

For the seller, offering MyBank means providing a simpler payment experience for customers who prefer to pay directly from their bank account.

Data protection and reduced risk of fraud and chargebacks

With MyBank, the customer authorises the payment directly in the online banking environment of their chosen bank, using the authentication methods provided by that bank. They do not need to share their online banking credentials or bank details with the seller.

This limits the circulation of sensitive data between the parties and helps reduce the risk of stolen payment details being used fraudulently. For the seller, it means accepting payments without handling the customer’s banking credentials or bank details.

In addition, as the payment is an irrevocable bank transfer, it is not subject to the chargeback mechanism typical of some card transactions.

Cross-border payments within SEPA

MyBank is a pan-European solution available within the SEPA area. Through participating banks and PSPs, businesses can accept payments from customers in different European markets, subject to available coverage.

The payment experience remains linked to the customer’s bank account and familiar online banking environment. For businesses selling in multiple countries, this can help create a more consistent collection process and reduce reliance on separate local solutions.

Italy has led MyBank adoption over the past decade. Since 2023, the solution has also been made available to users in Belgium, Spain, Portugal, the Netherlands, France, Luxembourg and Slovakia, and continues to expand its presence across Europe.

Greater efficiency throughout the payment collection cycle

MyBank’s benefits do not end when the customer makes a payment. Real-time confirmation, the irrevocability of the transaction and automatic reconciliation help make the subsequent processes more efficient.

The seller can:

• reduce manual checks to confirm receipt of payment;
• match payments to orders or invoices more quickly;
• speed up the preparation and dispatch of goods;
• reduce the time spent dealing with unidentified payments;
• improve visibility of payment flows;
• limit the time and resources devoted to administrative tasks.

The result is a more streamlined process, from payment confirmation to order management, with fewer manual steps and greater operational predictability.

Security and compliance in the European context

MyBank is designed to operate within the European regulatory framework for digital payments and supports applicable requirements relating to authentication, payment security, data protection and anti-money laundering.

The solution is built on infrastructure and procedures designed to support payment security and transaction traceability. Its architecture and security standards are reviewed by the Fraunhofer Institute.

For businesses, this means they can consider a solution designed to fit into European payment processes while taking applicable security and compliance requirements into account.

Flexibility for different business models and channels

MyBank can be used in B2B, B2C and public administration contexts to collect payments for products, services, orders and outstanding balances.

Payments can be collected through:

• an e-commerce website;
• a customer area;
• a customer portal;
• a B2B platform;
• a payment link sent by email, SMS or other channels;
• an order placed by phone, in person or in-store.

The pay-by-link service, available through a bank or PSP participating in the MyBank network, can be particularly useful for businesses without an e-commerce website or those that need to collect payments remotely, after issuing an invoice or when following up on an outstanding amount.

This flexibility allows businesses to use MyBank in line with their operating model and the way a payment request is made, rather than limiting it to a website checkout.

Ultimately, with MyBank, payment becomes more than a step in the sales process: it becomes part of a more efficient way of working.