MYBANK BENEFITS IN 10 POINTS

MyBank is a response to a need: people want to pay easily using their existing bank account in a protected way without providing their details to anyone and without any “plafond” issue and merchants want to collect their money in a fast and secure way. 

So MyBank payment is a solution that enables companies and public authorities to receive payments online from the customer’s bank account, paying from their bank internet or mobile banking. But MyBank is much more than a payment method: it is a 360–degree tool for online businesses, which offers huge benefits both to businesses and clients. 

What are the main benefits of offering MyBank as a payment method to your customers? Why you should choose MyBank? Which are the problems that we address and solve? 

To answer to these questions, we have created a list to highlight the key features of MyBank, in order for you to understand what you will achieve by adding MyBank to your payment offer. 

Here below the most important benefits of MyBank: 

• Take advantage of an irrevocable and immediate online bank transfer 

The payment will be configured as a wire transfer from the bank account of your clients, and the transfer will be irrevocable (as opposite to ordinary transfers, where clients can choose to revoke the operation) and the confirmation is immediate for both the payer and the payee. 

• Improve the timing of the operations 

Both you and your client will receive immediate confirmation of the successful transaction. This means you can ship the goods or deliver the service immediately, because of the certainty of payment. As a consequence, your business operations are faster and waiting time for the buyer is reduced, with an increase in customer satisfaction. 

• Reconcile 100% in an automatized way 

MyBank redesigns business processes and offers a 100% automatic reconciliation. Thanks to the data inserted in the prefilled transfer that you client authorise, the information on the order and its amount can never be confused. This feature will be loved by your back-office team. 

• Increase conversions on your website and grow your business 

Higher conversion rates and real-time authorisation through payments from your customers’ trusted online bank account right across Europe. 

• Expand your business abroad and create international e-commerce corridors 

MyBank allows you to receive cross-border transactions to expand your business out of national borders.  

• Avoid frauds and chargebacks 

Customer authentication through banking security minimises the risk of frauds, while immediate processing between buyer and seller banks means no reversals or charge-backs. 

• Increase your average ticket and your marketshare   

52% of e-shoppers considers that the variety of payment options is a key element in the checkout. As a seller, you should not miss any selling opportunity. Using MyBank to get paid, you will be able to sell to both business and consumers as the solution is suitable for B2C and B2B industries.  

• Increase your brand trust and visibility 

Enriching your offering with the MyBank payment touchpoint based on the online banking trust and security, increase your brand trust and visibility at regional and pan-European level. 

• Protect your customers data 

MyBank allows you to be paid without sharing sensitive data of your clients with any third party. This allows to improve data security of your clients and to comply in easier way with GDPR regulations. 

• PSD2 and AML compliant 

All the MyBank standards are PSD2 and anti–money laundering compliant. The sophisticated architecture, the secure web standards and protocols are certified by the Fraunhofer Institute, a leading institution in application-oriented research and development, that continuously reviews MyBank security in order to assure security compliance and reduce risks to a minimum. 

Conclusions 

MyBank offers many features and benefits both to companies and their customers. It is much more than a payment method: it is a 360–degree tool that not only improves the customer experience and satisfaction, but also boosts business efficiency, while streamlining collection processes.