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MyBank-initiated payments hit EUR 10 billion milestone

Source: Preta

PRETA S.A.S. announced today that payment transactions for a total value of over EUR 10 billion have been initiated via MyBank since the launch of the pan-European e-authorisation solution in March 2013.

While it took just under five years to reach the EUR 5 billion milestone, the value doubled within less than a year. On average more than EUR 14.5 million are transacted via MyBank every day.

MyBank is gaining ground across the EU and is widely used for transactions in business-to-business (B2B), business-to-consumer (B2C) and public administration contexts. The pan-European solution enables the initiation of secure online-banking based payments with no set amount limit[1].

The MyBank value proposition fully responds to market needs: it provides businesses and consumers with a safe online payment solution directly from their online or mobile banking without disclosing any account details to third parties. MyBank helps merchants to protect their customers’ data while increasing the average ticket and expand their business cross-border.

The solution supports public administrations in their digitalisation efforts by providing their citizens with an easy-to-use and safe way to make paperless payments.

Its ease of access and convenience also make MyBank an ideal tool for merchants and customers that are not - or less - familiar with the digital processes to easily collect and send money.

“Reaching the EUR 10 billion mark is a major milestone in the development of MyBank. The frictionless user experience, the protection of the digital identity of its users and the real-time confirmation of the irrevocable transaction make MyBank a trusted solution for all stakeholders involved in the transaction process,” said Tarik Zerkti, Managing Director of PRETA S.A.S., the company that owns and manages MyBank.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 June, 2019, 17:48Be the first to give this comment the thumbs up 0 likes

In 2011, in one of my earliest blog posts on Finextra, I predicted that EBA Clearing myBank will be a hit. EUR 10B processing volumes in 6 years does not exactly sound like a blockbuster success but I'm at least happy that myBank is still alive and kicking.