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.
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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.