Fintech & Ecommerce

ID Finance & myTU Partner to Leverage Programmable Banking Infrastructure for Instant Loan Payouts

ID Finance and myTU joined efforts to increase the speed and reliability of disbursing instant loan funds without any disruptions to customer service flow.

ID Finance & myTU Partner to Leverage Programmable Banking Infrastructure for Instant Loan Payouts

ID Finance, a technology-driven company that offers alternative lending, digital finance, and personal financial management solutions, has partnered with digital banking provider myTU to boost its payment infrastructure and avoid costly customer service disruptions. 

The partnership enabled ID Finance to deploy instant loan payouts within a single business day. The speed and reliability of disbursing funds are critical for consumer lending businesses that want to maintain customer trust and a competitive edge in a fast-moving world of finance. 

Today, instant access to credit is a baseline expectation, as instant payments dominate the modern payment landscape. Therefore, even short-lived payment disruptions can diminish confidence, damage brand reputation, and prompt users to change financial platforms.

As lenders must bulletproof their infrastructure so that it can handle high-volume, real-time payouts, ID Finance decided to enhance the speed and effectiveness of its lending solution by partnering with myTU.

Having nearly 12 million credit applications processed to date and credit decisions delivered in under a minute, the company sought a seamless infrastructure update. Working with myTU, the teams managed to execute legal onboarding, compliance, technical integration, and testing in just under 24 hours, restoring full service without disruption to end users.

“Thousands of loans were processed seamlessly on day one. Our customers never noticed the difference, and that’s what matters most,” said Vitali Ermakov, country manager at ID Finance.

The collaboration also established the foundation for a broader partnership. Thus, ID Finance now benefits from myTU’s cloud-native programmable banking platform, which enables real-time account management, verification of payee, reconciliation, and instant SEPA payments via secure and reliable APIs.

Raman Korneu, co-founder and CEO of myTU added: “We’re grateful for the trust ID Finance has placed in us, and proud to have been able to formalize our collaboration and integrate our technology in less than a day. Their team moves fast, and so do we. This is exactly the kind of partner-led, programmable banking we’ve built myTU to support.”

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.