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Over €100 million of payments initiated via MyBank

PRETA S.A.S. announced today that the growing take-up of MyBank by consumers and businesses has started to translate into a significant pick-up of the value of transactions initiated via MyBank.

In late April 2015, MyBank passed the mark of €100 million in transaction value. While MyBank had been processing transactions for a total value of €1 million during the month of October 2014, MyBank already generated €1 million worth of transactions per day by February this year.

Over €100 million of payments initiated via MyBank

Over €100 million of payments initiated via MyBank

In terms of payment volumes, the pan-European e-authorisation solution has been witnessing monthly growth rates of 30% since 2014.

Key facts and figures behind this volume and value increase:

  • Over 1,000 merchants and public authorities, mostly from Italy, are licensed to use MyBank;
  • The average value of C2B transactions initiated via MyBank is €470, the average value of the B2B transactions is €4,495;
  • The 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. So MyBank offers the chance for banks to help their customers make payments in new and simpler ways avoiding costly workarounds,” said John Broxis, Managing Director of PRETA S.A.S.

MyBank supports SEPA Credit Transfers, e-mandates, instant payments and identity verification. Data protection and transmission security are at the core of MyBank. 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. Customer identity and confidential data are protected. Immediate authorisation of payments reduces risk of fraud and charge-backs. With MyBank, trust and confidence in online transactions is increased.

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