Easy to implement and cost effective
With MyBank, Public Administration can effectively reduce costs and administrative burdens since it eliminates the expensive paper trail and lengthy queues typically associated with traditional payment methods.
The activation of MyBank requires few integrations and investments. Public agencies will only need to install a component providing the necessary web infrastructure, connectivity to the agency’s bank, and services for reporting and reconciliation of the transactions processed. This component can be offered by the bank or through an existing payment gateway. MyBank integrates fully within an existing payment gateway infrastructure requiring little investment and process adaptation for upgrade (Participating Banks and Service Providers).
And since citizens authorize their payments in the secured online banking environment through a two-factor authentication process, payments through MyBank are certain. This means protection against fraud, fewer disputes and reversals and therefore lower overall costs for fraud prevention and management.