MYBANK
Online Account-to-Account Payment Solution
« We sought to expand MyBank’s reach by leveraging Open Banking APIs. Developing in-house capabilities to connect with PSD2 APIs posed significant challenges due to the investments and resources required. Exthand proved to be a reliable partner, offering a non-competitive approach, a robust white-label connectivity layer, and broad coverage. Their seamless integration process and swift deployment empowered MyBank to fully capitalize on the opportunities of open banking with efficiency and ease. »
Tarik Zerkti, Chief Executive Officer. PRETA
Sector : E-commerce
Solution : Payment Initiation Services
How Exthand enabled MyBank to extend its reach into new countries in Europe
MyBank is an account-to-account payment system that enables both individuals and businesses to pay for or receive payment for a range of goods and services online. It offers a trusted brand, scheme regulations, irreversible credit transfers, and end-to-end reconciliation. PRETA, an entirely owned subsidiary of EBA CLEARING, introduced MyBank in 2014, and it is now available to credit and payment institutions, as well as other SEPA-licensed PSPs.
The project, step by step :
- Identifying the Need: Expanding the number of European payers who can use MyBank to make online payments.
- Ensuring Regulatory Compliance: Locate a licensed partner with the ability to offer Payment Initiation Services.
- Partner Selection: Following an in-depth assessment, MyBank chose Exthand because of their effective, secure, and simple-to-integrate Open Banking APIs
- Integration Phase: Exthand’s APIs are implemented and built into the MyBank flow with ease, guaranteeing a positive end-user experience.
- Launch: The Open Banking Payment Initiation Service has been successfully deployed in production, and is looking to expand further with Exthand.
Exthand’s Tailored White-Label Solution for MyBank:
We deployed an online A2A Open Banking payment solution around the following key criterias:
- Scalability: designed to support MyBank’s expansion into new countries
- Security: upholds the highest standards of data protection and regulatory compliance
- Cost Efficiency: eliminates the need for costly in-house API development.
- White-label: maintains brand consistency and avoids confusion for end users.
Achieved results
1
Fast go-to-market: ability to quickly integrate and go into production
2
Savings: on internal IT development resources to connect to banks APIs
3
High coverage of connected banks allowing increase of transactions
