Not how cards were intended to be used. It is obvious that [merchants] cannot utilise it in a business context because the usual is between €1,500 and €3,000, according to Tarik Zerkti, CEO of the Paris-based financial services firm PRETA, a branch of the pan-European clearinghouse EBA Clearing.
Zerkti claims that businesses frequently send accounting the invoices they receive so that they may be handled by an enterprise resource planning (ERP) system before being paid. However, for businesses, this process might be time-consuming and challenging.
Zerkti continued by stating that one of MyBank’s primary advantages is its ability to lessen the difficulty involved in end-to-end invoice reconciliation. If you are a corporation that requires a straightforward process wherein payments received are formatted in a fashion that is Single Euro Payments Area [SEPA] compliant and can be integrated immediately into your accounting system for easy end-to-end reconciliation, MyBank can help you with that.
The advantages also apply to non-corporate entities. He emphasised that by enabling clients to pay from their online banking account without having to register, create a new password, or enter their payment information, the solution lowers friction for them throughout the purchasing process.
The MyBank option, he continued, will be available alongside Visa, MasterCard, PayPal, and any other payment options that are available on a merchant’s checkout page, and it will direct consumers to their own online banking site where the transaction data are already prefilled.
Both the payer and the payee will receive a real-time confirmation of the payment once the quick wire transfer has only needed to be approved once.
If you want to spend €10,000 on a Louis Vuitton bag for yourself and the money is in your account, you may pay without being constrained by your credit card limit, Zerkti said.
