MyBank processes EUR 650 million worth of transactions in 2015

More than EUR 650 million worth of transactions were processed in 2015. In December, 2015 alone there was recorded almost EUR 100 million, as compared with EUR 3 million in December 2014. Transaction volumes also grew tenfold over the year.

The number of licensed merchants grew from 180 to over 8,000. The number of MyBank participants grew from 146 to 263, and they are looking forward to onboard banks in Belgium, Spain and Greece joining the solution in the next four months opening new MyBank markets.

Customers using MyBank do not have to share their payment details or personal credentials to any third parties, since the payment initiation, e-mandate creation or transaction process takes place within the highly secured environment of their own bank.

When buying through MyBank, the payer is reverted to its own trusted bank environment where the transaction only needs to be confirmed. The beneficiary data of the merchant or business and transaction amount has already been prefilled. Merchants and businessses using MyBank are informed in real time of payment confirmation.

MyBank supports SEPA Credit Transfers, e-mandates, instant payments and identity verification. Data protection and transmission security are at the core of MyBank as MyBank creates a direct link between a customer’s online bank account and the online business’ bank. This eliminates the need to collect and store personal data. In addition, customer identity and confidential data are protected. Immediate authorisation of payments reduces risk of fraud and chargebacks.

MyBank is owned and managed by PRETA S.A.S., a wholly owned subsidiary of EBA CLEARING, a provider of pan-European payment solutions. MyBank is an e-authorisation solution that enables customers to pay for their online purchases via their regular online or mobile banking environment. The solution is open to all authorised payment service providers (PSPs) in the Single Euro Payments Area (SEPA), including, without limitation, credit institutions and payment institutions.