One the eve of the annual EBAday payments conference, EBA Clearing has announced that the growing take-up of MyBank by consumers and businesses has started to translate into a significant uptick in the value of transactions initiated.
In late April 2015, MyBank passed the mark of EUR100 million in transaction value. In terms of payment volumes, the pan-European e-authorisation sytem has been witnessing monthly growth rates of 30% since 2014.
MyBank, which is owned and managed by EBA Clearing subsidiary Preta SAS, enables consumers to pay for their online purchases via their regular online or mobile banking environment. As such, customers do not have to communicate their payment details or personal credentials to any third parties, since the payment initiation, mandate creation or transaction validation process takes place at the banking back-end.
John Broxis, managing director of Preta SAS, states: “We are extremely pleased at the growth of MyBank in recent months, especially in the Business-to-Business sector. The relatively high average transaction values that we are seeing show that MyBank is filling a gap in the suite of existing electronic payment instruments and also between these instruments and cash."
He says that future iterations may see the service extended to cover transactions in other currencies or for e-identity services.
MyBank will be staging its AGM at the annual EBAday conference taking place in Amsterdam next week. Organised by Finextra and the EBA, EBAday 2015 is set to welcome almost 1000 payment professionals to a sold-out exhibition floor and two days of intense debate on the future of payments in Europe and beyond.
To register for the event and to get the latest updates on the speaker programme and agenda, go to www.ebaday.com