MyBank sees notable growth in transaction volumes for 2016

The Pan-European electronic authorisation solution witnessed a year-on-year volume increase of 112% compared to 2015. Transactions worth EUR 6 million were authorised via MyBank on average per day. The number of merchants offering and using MyBank also saw a considerable increase, going up by more than 35% in 2016 compared to the previous year.

MyBank is often used for the authorisation of transactions in the B2B area, especially in the insurance and travel business, and in public administration. Individual transaction values in the B2B context can reach more than EUR 100,000.

“The continued growth of the number of merchants joining MyBank testifies to the value that MyBank brings to businesses: real-time payment confirmation, irrevocability, high conversion rates and the scalability of the solution,” said John Broxis, Managing Director of PRETA, the company that owns and manages MyBank. He added that “in 2017 we will focus on new projects and improvements of the solution such as the App-to-App development. A first step in this direction has been the implementation of our mobile strategy by UniCredit.”

Beyond the mobile strategy, new services will be integrated in the MyBank offering, in line with user requirements to broaden the service portfolio around this prospering e-authorisation solution: MyBank Payment on Delivery, which will let buyers authorise the payment after verifying the integrity of goods received, and MyBank Identity Verification. This new service will allow consumers and businesses to confirm their identity through their bank account. Furthermore, MyBank Identity Verification will also enable customers to agree to contracts electronically without the need of a digital signature.

“MyBank Identity Verification will help to streamline the processes around identity verification and provide the same user experience already in place for MyBank Payments. Banks signing up for the service will be able to support their customers in a wide range of transactions in the digital economy, in line with Open Banking requirements to put the customer in control of his or her data,” said Giorgio Ferrero, CEO of PRETA.

MyBank Identity Verification is planned to go live in Q2 2017.