21 February 2018
Visit www.capgemini.com/worldreports

MyBank sees steep growth in transaction volumes

16 February 2017  |  2506 views  |  0 Source: Preta

MyBank looks back on a successful year 2016, which saw a continued steady growth of the e-authorisation solution across Europe.

The Pan-European electronic authorisation solution witnessed a year-on-year volume increase of 112% compared to the previous year. 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.”

Planned evolution of the MyBank service offerings in 2017

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 the second quarter 2017.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.nextgenbanking.co.ukRegister for the webinar

Top topics

Most viewed Most shared
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
10073 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9685 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8457 views comments | 13 tweets | 12 linkedin
BBVA-backed digital banking startup targets gig economy workersBBVA-backed digital banking startup target...
7116 views comments | 8 tweets | 12 linkedin
hands typing furiouslyMaking Customer Experience Your Business
6815 views 0 | 7 tweets | 5 linkedin

Featured job

to £100K base, double OTE, benefits
London, UK

Find your next job