10 Apr MYBANK BENEFITS IN 10 POINTS

MyBank comes in response to a need: people would like to pay easily and securely from their existing bank account without sharing their personal data with any third parties. Furthermore, they wish to be able to do so with no transaction amount limit. At the same time, merchants need to speed up payment collection process, while ensuring their security levels. 

MyBank payments provide a solution to businesses and public authorities by enabling them to receive online payments directly from the payers’ internet or mobile bank account. MyBank is much more than a payment method: it is a 360–degree tool for online businesses, which offers great advantages to both businesses and their customers . 

But what are the main benefits of offering MyBank as a payment method to your customers? Why you should choose this solution? Which specific needs are met by MyBank? 

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 can count on when adding MyBank to your payment offer. 

Here below are the most relevant advantages of MyBank: 

• An irrevocable online bank transfer with immediate confirmation

The payment will be configured as a wire transfer from the bank account of your customers, and the transfer will be irrevocable (as opposite to ordinary transfers, where clients can choose to revoke the operation) with real-time confirmation provided to both the payer and the payee. 

• Faster payments

Both payer and payee will receive real-time confirmation of the successful transaction. This means that you, as a merchant, will be able to rapidly ship the goods or deliver the service as you will have the certainty of payment. Consequently, not only you will improve payment processing speed, but you will also speed up order management and delivery, thus increasing customer satisfaction. 

• 100% automatic reconciliation

MyBank redesigns business processes and offers a 100% automatic reconciliation. Thanks to the data entered in the prefilled transfer that you customers authorise, the order information and its amount are never confused. This feature will be particularly appreciated by your back-office team. 

• Increased conversions on your website and business growth

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

• Cross-border transactions to expand your business internationally

MyBank allows you to receive SEPA cross-border transactions to expand your business into new markets.  

• Minimised frauds and chargebacks 

Customer authentication through banking security significantly reduces the risk of frauds, while immediate processing between buyer and seller banks helps you avoid charge-backs. 

• Increased average ticket and marketshare   

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

• Increased customer trust and brand visibility 

By enriching your offering with the MyBank payment touchpoint based on the trusted and secure online banking systems, you can boost both customer trust and your brand visibility at local and pan-European level. 

• Protected customer data 

MyBank allows you to be paid with no need to share any customer sensitive data with third parties. This helps you improve customer data security and easier compliance with GDPR regulations. 

• PSD2 and AML compliance

All 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 ensure security compliance and reduce risks to a minimum. 

Conclusions 

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