UseMyBank

PayPal Offers Cash Back to Shift Users From Credit Cards

PayPal could leverage online banking for funding accounts and offer direct payments with our service.


UseMyBank is one of a handful of companies worldwide focusing on providing a more direct and

convenient method for making online payments in today's E-commerce era. As the Internet creates

more global commerce it is imperative for companies to provide their customers with the best possible

services and products. Since its inception in 2002 UseMyBank’s proprietary technology has allowed it’s

merchants to utilize the core technology of online banking systems to provide a payment method that is

safe, easy to use and cost effective for both the merchant and the consumer.



UseMyBank’s proprietary platform acts as a “bridge” between the merchant's web site and the customer's

own online banking center, allowing the usual process of log-in and payment or bill pay authorization to

be reduced down from the usual dozen or more steps to a few simple clicks.



The flexibility of UseMyBank’s core technology allows us to accomplish the end goal of a real-time direct

debit funds transfer through a variety of methods. depending on the technology and processes available at

each bank. At one bank, we might utilize the Bill Payment system, at another, account to account transfers

or email money transfers.



Regardless of the method used, the end result is the same - a real time transfer of funds from the Customer's

bank account - not ACH! UseMyBank transactions are as close to a cash transaction as you can get online -

with a Good Funds Model of 99.999999%!


Here is a step by step overview of the process:



1) Customer selects UseMyBank as their payment option from the Merchant’s shopping cart or check-out page

2) Customer is then presented with a list of banks that are currently accessible through UseMyBank, and selects

their own bank

3) The customer is then presented with a brief series of screens that walks them through the process of logging

into their own bank’s online banking center, choosing the account they wish to use for the transaction and approving

the amount to be paid to the merchant.

4) Once the transaction is approved by the customer, both the merchant and the customer are emailed receipts.

5) Customer returns to the Merchant website, transaction completed, in about the same time as the average credit

card transaction

In most cases, the actual number of steps that would be required to for the customer to complete the above payment

process is reduced by 50% or more!



In the background, the following is taking place:
1) The UseMyBank system is following the appropriate steps to log in the customer according to their bank’s own

unique procedures.

2) UseMyBank is confirming that the details of the transaction match to the details of the bank account, through their

proprietary Anti-Fraud System

3) Once the customer has approved the transaction, UseMyBank initiates the real-time transfer of funds from the customer’s

bank account to a UseMyBank ‘holding’ account at the same bank. The actual method of funds transfer may vary from bank

to bank, depending on the technology available in each bank

4) Settlements are made to the Merchants once a week, or according to the Merchant’s pre-determined schedule




UseMyBank “White Label” Platform



With a White Label, or Private Label, Platform, a Merchant has two options:

1) Utilize the existing UMB infrastructure and bank relationships. This would mean that the customer would see only pages

bearing the Merchant’s brand/log, but funds would still be transferred to the UMB bank accounts for later settlement to the Merchant.

2) Merchant can acquire and use their own bank accounts, so that funds would be transferred directly from the Customer’s bank

account to the Merchant’s account in the same bank. This option gives the Merchant immediate access to funds with little or no

‘float’ time, as well as the cost savings normally associated with settlements. In most countries, accounts at a handful of the top

banks will give the Merchant access to the majority of the potential online banking users.

3) Merchant acquires “Approved Bill Pay Merchant” status - in some countries, simply applying to become an Approved Biller, will

grant the Merchant the same status across multiple bank systems



UseMyBank’s platform has been successfully used or tested with dozens of banking systems around the world, and currently facilitates

real-time direct debit payments in 6 countries and 45 banks. Any bank that offers account to account transfer, online bill pay, or email

money transfers (EMT) is a potential candidate for the UMB system.