myTU introduces new API product

In a bid to support businesses in making their operations more convenient and efficient, myTU introduced the Payouts API solution that allows companies to increase profitable revenues via automated, real-time payment processing and loan management while minimising operational costs and manual errors. myTU designed the set of APIs to enable businesses to develop tailored integrations aligned with their specific operational needs.

Through the APIs, the company focuses on providing a range of capabilities, including the ability to create and sign payment orders directly within clients’ management systems, with no manual integration being required. Additionally, myTU provides advanced security via custom multifactor authentication, which delivers several ECDSA keys with IP and DNS data verification, and leverages secure timestamps with bidirectional out-of-band verification to ensure increased safety and compliance standards.

Besides working towards simplifying the payment process, the Payouts API solution aims to provide real-time payment status updates and callbacks, allowing businesses to automate processes based on predefined rules. The capability is set to support consumer lending providers by enabling them to offer instant loan payouts, send repayment reminders, calculate fines, and escalate cases to bailiffs. In addition to helping businesses, the launch of the new service is projected to help myTU in its expansion strategy, with the company expecting an increase in its client base in the upcoming period.

Furthermore, myTU highlighted its commitment to assisting its customers, with the company also integrating AI into its operations, simplifying internal processes, and achieving efficiency gains. With its operations being focused on Embedded Finance, myTU intends to solidify its position in the market and become the preferred payment method on several platforms, including niche service providers and large ecommerce websites.