From summer 2022, businesses can enjoy a new checkout feature that lets them offer the latest in frictionless interactions with Italian customers.
MultiSafepay has added MyBank to its platform. This payment method allows immediate and secure money transfers thanks to a fast connection with the customer's bank.
MyBank is an increasingly popular and widely accepted solution due to the fact payments can take place without customers opening an additional account. All customers have to do is approve the payment with no added manual input. This optimized process eliminates the risk of fraud and chargebacks while minimizing manual mistakes. Bank transfers with MyBank are an excellent opportunity for merchants with Italian customers. Learn more about MyBank's many advantages below.
Why offer bank transfers with MyBank to Italian customers?
Let's look at the international landscape. One factor that has undoubtedly facilitated MyBank's popularity is the growth of account-to-account payments (A2A). In just two years, A2A have experienced a 50 % increase and it is estimated they will account for 15 % of all transactions by 2030 (worth over two trillion euros). Several reasons account for this growth such as the development of Open Banking regulations and the introduction of PSD2 (the second payment services directive) requirements for banks.
How MyBank works
One of the main advantages merchants can enjoy with MyBank is the swift processing of payments.
- Once the customer has filled out their delivery address, they then select MyBank from the payment solutions available.
- The page redirects the customers to their online banking environment where they can authorize the payment immediately after login. This payment is irrevocable.
- As a merchant, you immediately receive the payment on your MultiSafepay account.
Advantages of MyBank for merchants and customers
By choosing bank transfers with MyBank customers automatically protect their sensitive data: no information is shared with third parties. Your customer's bank then authenticates all customer information. This lets you, as a merchant, minimize the risk of fraud, disputes, and chargebacks! Furthermore, as payments via MyBank are made directly from the customer's bank account, the customer won’t have to worry about any credit card limit. This means more conversions, more revenues, and faster growth for your webshop.
Immediacy is another of one MyBank's features. The (guaranteed) transaction confirmation is instantaneous. This means you get to deliver purchases to your customer's door front, faster. Transfers with MyBank allow for 100% automatic reconciliation.
Customers in a hurry will be happy to know they don’t have to set up a new account or memorize another new password as no new account needs to be registered with the MyBank solution. The only requirement is an account at a bank which accepts the payment method. Transactions and debits are then promptly reported in their account statement so that they can easily keep track of all expenses.
MyBank can also be used on all devices in Europe because MyBank transfers are SEPA transfers.
Which banks in Italy allow payments with MyBank?
In addition to ease of use and security, MyBank is also hugely popular in Italy. Over 210 banks and PSPs throughout Europe accept MyBank, allowing immediate and irrevocable bank transfers. To learn more, here is the complete list of participating banks. Customers who own an account with one of the listed banks can immediately start making payments with MyBank without any additional registration or activation.
Differences between a bank transfer with MyBank and a traditional bank transfer
What distinguishes bank transfers with MyBank from traditional bank transfers? The answer is some of the advantages we have already outlined above, such as:
- Instantaneous payment confirmation compared to a traditional bank transfer.
- Irrevocable bank transfers
- Pre-filled forms
- 100% automatic reconciliation
How to activate MyBank in your webshop
If you are an existing MultiSafepay merchant, this payment method is already available in your account. To allow customers immediate access to MyBank, follow our instructions on the DOCS page.
If you need support with activation, you can contact us by e-mail at [email protected]
Not with MultiSafepay yet? Contact our experts to learn more about how we can empower your payments processes.
Would you like to learn more about the advantages of using MyBank and the most suitable payment methods for your target group? Contact us now. We look forward to hearing from you!