MyBank creates a direct link between a customer’s online bank account and the online business’ bank, which eliminates the need to collect and store personal data:

Source & Copyright©2015 - MyBank

MyBank - which supports SEPA Credit Transfers, EUR e-mandates, instant payments and identity verification - by late April 2015, processed 100+ million euro in transaction value:

Source & Copyright©2015 - MyBank

MyBank monthly rates have been growing at 30% since 2014.

Other key figures:

• over 1,000 merchants and public authorities, mostly from Italy, are licensed to use MyBank;
• average value of C2B transactions initiated via MyBank: EUR 470
• average value of the B2B transactions initiated via MyBank: EUR 4,495
• top ten merchants come from a variety of sectors: telecoms, insurance, energy, shipping companies, retailer networks and public authorities.

“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,” said John Broxis, Managing Director of PRETA S.A.S. which provides the MyBank service.

See also:

• MyBank SEPA Direct Debit Core Mandates solution goes live across Eurozone | C&TM File
• European banks adopt transaction routing platform for future proof e-commerce | C&TM File

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CTMfile take: MyBank could be a revolution, it removes the need for merchants to store client payment information and to pay % advalorum based payment card charges. The high value of the B2B transactions shows that some businesses already understand this. How could your company use MyBank for B2B payments?