MyBank

#Bank Transfer

MyBank is an online payment method that was created in 2013 in Italy. It is developed and managed by a consortium of European banks. The MyBank payment method allows […]

Market coverage 8
  • Austria
  • Belgium
  • France
  • Germany
  • Italy
  • Luxembourg
  • Netherlands
  • Spain
Currencies 1
  • Euro
Description

MyBank is an online payment method that was created in 2013 in Italy. It is developed and managed by a consortium of European banks. The MyBank payment method allows consumers to pay online directly from their bank account using their online banking credentials.

To use MyBank, a consumer must have a bank account with one of the participating banks in the payment method. Banks that accept MyBank must also have an online identification system to allow customers to authenticate and authorize online payments.

When a consumer chooses to pay with MyBank, they are redirected to the MyBank payment interface. They must then select their bank and authenticate using their online banking credentials. Once authentication is successful, the payment is made directly from their bank account.

MyBank is primarily used for cross-border online payments in Europe. It is considered safe and reliable as it uses the authentication and security systems of participating banks. Additionally, it allows consumers to avoid the high fees typically associated with international credit or debit card payments.

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Frequently Asked Questions

What are the best practices for managing cross-border payments?2023-04-18T18:56:57+02:00

NORBr is a payment orchestrator that connects you to all cross-border payment services providers that can help you manage your cross-border payments efficiently and securely, while also ensuring compliance with relevant regulations. NORBr offers advanced features like fraud detection, currency conversion, and real-time tracking and reporting, which can help you optimize your payment processing for cost efficiency and speed.

What are the risks associated with cross-border payments?2023-04-18T18:57:21+02:00

Cross-border payments can be associated with several risks for you, including currency fluctuation risk, regulatory risk, and fraud risk. Currency fluctuation risk refers to the potential impact of exchange rate fluctuations on the value of your payments. Regulatory risk relates to the complexity of complying with different regulations in different countries. Fraud risk refers to the potential for fraudulent activity, which can be more difficult to detect and prevent in cross-border transactions.

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