By 25th April 2016, goods and services worth more than €1 billion have been paid for with MyBank SEPA Credit Transfer (SCT) since its launch in March 2013. Amounts paid with MyBank range from €2 to €400,000 covering a wide range of uses from consumer-to-business and business-to-business transactions to payments to public administration. 

MyBank is an e-authorisation solution for the exchange of financial and non-financial information. The solution supports online banking-based payments via SEPA Credit Transfer as well as the creation, amendment and cancellation of SEPA Direct Debit mandates.

MyBank - the simple, safe way to pay on the Internet

EBA Clearing, who supervise the MyBank solution (which is owned and managed by PRETA S.A.S.) describe it as “the simple, safe way to pay on the Internet”. MyBank SCT is currently used by over 250 banks in five countries, with an average growth rate of 40% per month throughout 2015. With the Greek banking community set to join MyBank at the end of April, an imminent launch in Spain, and a growing number of PSPs and other service providers integrating MyBank into their merchant offerings, this level of growth is expected to continue. 

EBA Clearing claims: 

• through its wide range of use cases and the real-time confirmation of payments, MyBank SCT helps to increase trust both in the B2C and B2B space. Neither business nor retail customers need to register to pay with MyBank, as long as their bank supports this pan-European e-authorisation solution
• with MyBank, consumers and businesses alike can pay from their bank account simply and securely without disclosing any account details and with no amount limit, while the recipients of a payment can be certain to be paid as they receive confirmation in real time that the payment has been initiated. 

User bank comment:

• “We are happy to have been part of the MyBank success story since the very beginning. Over the last two years, MyBank has impressed us and our customers with its great conversion rates, no fraud and the ability to handle amounts that are too high for other online methods of payment – this makes MyBank also very attractive for B2B e-commerce,” said Barbara Sacchi, Head of ePayments, UniCredit.

Future development of MyBank

“We are very pleased to have reached this milestone and believe that we have barely started. MyBank provides a multi-purpose interface that is of increasing value at a time when Open Banking is becoming an important topic within the financial services industry and regulators are requiring banks to provide payment initiation services and account information services for the benefit and growth of the digital economy,” said John Broxis, Managing Director of PRETA S.A.S., which owns and manages the MyBank solution. 

A pilot for a MyBank Identity Verification service is currently underway. 

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CTMfile take: The success of MyBank SCT service raises two questions for corporate treasury departments, 1) “How can the A/R department use SCTs to collect online EUR payments from both our corporate and consumer customers, and 2) “How can they use it to make EUR payments across Europe?”