ID Finance has entered into a collaboration with myTU to improve its payment infrastructure further and ensure continuous customer service.
Through this partnership, ID Finance was able to deploy instant loan payouts more efficiently, specifically within a business day, thus avoiding a potentially costly disruption and other issues.
Considering the current landscape for consumer lending, where speed and reliability in disbursing funds represent a significant part of maintaining customer trust and remaining competitive, ID Finance aimed to improve the effectiveness of its lending solution. To achieve this, the company started working with myTU, with teams conducting legal onboarding, compliance, technical integration, and testing in under 24 hours, restoring full service without disrupting end users.
According to ID Finance officials, the entire process, starting with paperwork and ending with live payouts, was finished within a day, with loans being processed promptly. Customers were not affected by this, with the company maintaining an optimal experience for them.
An expanded collaboration
This alliance created the foundation for a broader partnership between myTU and ID Finance, with the latter currently benefiting from myTU’s programmable banking platform, which allows real-time account management, verification of payee, reconciliation, and instant SEPA payments through secure and reliable APIs. Developed on a cloud-native architecture with 24/7 uptime, myTU’s infrastructure supports a large number of transactions per hour, while also facilitating increased availability and compliance.
Furthermore, myTU and ID Finance plan to continue to work together to provide customers with solutions that meet their needs, demands, and preferences. In a recent interview for The Paypers, myTU highlighted that, when it comes to partnerships, especially in the Open Banking space, they represent a competitive advantage and, with the right collaborators, the company focuses on elevating the entire user experience. At that time, the company planned to centre its efforts on further expanding its product suite and expanding its operations. Soon after this, myTU added Visa and Mastercard services for real-time payouts. The company integrated Visa Direct and Mastercard Cross-Border Services into its payment infrastructure to enable real-time international fund transfers to eligible cardholders and bank accounts in supported regions.
