In the latest episode of Bitcoin Builders, the BSV Blockchain Association’s Brett Banfe had the opportunity to sit down with Paul De Buck – Founder and CEO of MyBanka. MyBanka is a digital wallet which supports open banking and digital assets.
De Buck explained that MyBanka is integrated with more than 2,000 banks across the European Union and the UK with support for the BSV Blockchain and ordinals. He explained that while there are many existing wallets in the ecosystem, none offer the ability to fully manage all of your accounts in a single place.
‘Of course, there are lots of wallets in the ecosystem, but personally as an entrepreneur, I had the need to manage multiple bank accounts in a single place. This includes my private, professional and enterprise accounts across different banks. MyBanka allows me to do this and also manage my digital assets in a single place,’ De Buck said.
What is Open Banking?
De Buck explained that the concept of Open Banking was finalised after the European Union passed legislation which requires European banks to provide an API to third parties (such as MyBanka) to access customers’ information.
In the past, only you and your bank had access to this data. However, with open banking, you have the option to share it with other financial services providers, such as different institutions or third parties. This enables you to leverage your own data for your own advantage.
Sharing access to your bank account also allows you to have far more control over your money through services such as MyBanka. As highlighted by De Buck, people often have several accounts across multiple banks and brokerages. Open banking allows for the aggregation of information from all these accounts into a single, dynamic dashboard of your preference, enabling you to conveniently view all your finances in one consolidated location.
‘That means that we are not a bank. Instead we connect with your bank. Your funds remain fully secure with your bank at all times and we take no part in the transaction. We simply initiated the payment from your friend’s bank as an example.’
Integration with the BSV blockchain
MyBanka is also fully integrated with the BSV Blockchain, allowing users to manage their finances in a transparent and secure way. All transactions are recorded on the blockchain which is a secure ledger which cannot be tampered with. Users can also buy tokens and NFTs directly.
However, De Buck noted that users do not need to have any prior knowledge of blockchain to use the application and can simply start transacting once their account details have been linked.
Some of the key features of MyBanka include:
- Secure banking: All banking communications are encrypted and private keys never leave your device.
- Notifications: Users are instantly alerted to any movements in their accounts.
- Open banking: Users can manage their private and professional bank accounts in one click.
- Digital assets: Receive and spend EUR, BSV and other digital assets.
- QR-code payments: Send and receive money or BSV by QR-codes seamlessly and securely.
- Savings pots: MyBanka allows users to distribute their savings in different savings pots.
- Top-ups: The top-up feature allows users to top-up their wallets and is integrated with Open Banking to securely buy BSV.
- Enhanced UI and UX: The MyBanka team of developers and designers have worked hard to offer the best possible UI/UX experience.
You can watch a full demonstration of MyBanka below. You can also find out more about the application here.