Italian online insurer Genialloyd adopts MyBank

Source: EBA Clearing

Italian online insurer Genialloyd has activated the MyBank payment option on its website and is now offering this Europe-wide online payment method to its retail and corporate customers.

MyBank allows bank customers across Europe to pay for their online shopping by using their own bank account: the MyBank button on Genialloyd’s website redirects the insurer’s customers to their own online or mobile banking platform, where they can pay by confirming a SEPA credit transfer that already has all the transaction details filled in.

Genialloyd is the second online insurance company to offer its customers the opportunity to pay for their insurance policies by credit transfers initiated via the MyBank payment option. The company has a track record of adopting new initiatives to better serve their customers as it was the first company to provide online subscription for insurances in Italy, offering the possibility to go through the necessary subscription or renewal steps online.

With Genialloyd now offering the payment option, MyBank is further strengthening its customer base throughout Italy.

“MyBank is on a steep rise in Italy, especially within the insurance industry. The average amount of each transaction is currently close to 500 euros which is much higher than for other online methods of payment and underlines that MyBank is perceived as secure and trusted by consumers.” Giorgio Ferrero, Chairman, PRETA
MyBank is currently available to over 12 million retail customers in Italy, France and Luxembourg, with other countries joining in 2015. MyBank supports the initiation of SEPA Credit Transfers via online or mobile banking. From October 2014, MyBank will also enable customers to create, modify and cancel electronic mandates for direct debits.

Customers using MyBank do not have to communicate their payment details or other confidential data to any web shops or other third parties, since the payment process takes place within the highly secured environment of their own bank. Online businesses using MyBank are informed in real time that the customer has initiated the payment.
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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