MyBank
MyBank is the pan-European solution designed by EBA Clearing for domestic and cross-border e-commerce payments. It enables consumers to pay for their online purchases in an easy and safe way using real-time bank transfers. MyBank positions itself as a flexible solution for both B2B and B2C businesses: over 250 banks and PSPs have joined the MyBank network throughout Europe. It is an especially popular payment method in Italy and has a potential consumer base of 40 million consumers across Europe. Consumers complete payments by selecting their bank and logging in with their online banking credentials.
Why MyBank
Italians make 11% of online payments by bank transfer (PPRO Almanac); MyBank allows transactions of any amount as long as funds are available, with no risk of chargeback.
According to MyBank, 2022 was a record year for them, having processed transactions worth €10 billion — that’s a 38% increase on the previous year.
MyBank processes around €30 million transactions daily and updates both parties, customer and merchant, in real-time; giving complete peace of mind.
How it works
Merchant
At online checkout, the consumer chooses MyBank as the preferred payment method
Payment method
The consumer chooses their bank for payment
Online bank
The consumer enters the payment details and confirms the transaction
Merchant
Payment is con firmed