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MyTU launches Payouts API

Source: myTU

myTU, the fintech pioneering the use of cloud-only infrastructure and AI to transform consumer banking, announced the release of a new API product, “Payouts API,” designed to help businesses optimise their financial processes and enhance operational efficiency.

By implementing the new solution, companies can increase profitable revenues through automated, real-time payment processing and loan management, while reducing operational costs and manual errors.

Leveraging its expertise in financial technology, myTU has developed a set of APIs that allow businesses to create customised integrations aligned with their specific operational requirements. These offer a range of features, including the ability to create and sign payment orders directly within clients' management systems, eliminating the need for manual intervention. MyTU implements advanced security through custom multifactor authentication, which integrates multiple ECDSA keys with IP and DNS data verification, and utilizes secure timestamps alongside bidirectional out-of-band communication, to ensure the highest standard of security and compliance.

In addition to streamlining payment processes, the Payouts API provides real-time payment status updates and callbacks, enabling businesses to automate various processes based on predefined rules. This feature is particularly beneficial for consumer lending providers, allowing them to offer instant loan payouts, send repayment reminders, calculate fines, and escalate cases to bailiffs, all without manual intervention.

Founded in 2019 by banking veteran Raman Korneu and technology expert Tomas Navickas, myTU has been at the forefront of leveraging cloud infrastructure and AI to deliver secure, cost-effective, and accessible financial services. The Payouts API is expected to drive substantial growth for myTU, with the company projecting a significant increase in its business client base in the coming months. This growth is attributed to the product's unique value proposition, which addresses the needs of businesses across various industries, particularly those in the consumer lending space.

Raman Korneu, CEO and Co-Founder of myTU, commented: "The launch of our Payouts API represents a significant leap forward for myTU and our clients. By combining our deep understanding of the banking industry with our technical expertise, we have created a solution that addresses the pain points faced by businesses, enabling them to operate more efficiently and effectively in an increasingly competitive landscape. We are confident that this product will be a catalyst for growth and success for businesses worldwide."

myTU's commitment to innovation extends beyond the Payouts API. The company has successfully integrated artificial intelligence (AI) into its operations, streamlining internal processes and achieving remarkable efficiency gains. With a hyperlean IT department, myTU has built and maintains a robust tech infrastructure, client tools, and website, demonstrating the power of automation and AI in driving operational excellence. With a strong focus on embedded finance, myTU aims to become the preferred payment method on various platforms, from niche service providers to larger e-commerce sites.

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