myTU, an AI-powered digital banking platform, has recently introduced SEPA Direct Debit, enhancing its payment capabilities for businesses within the European Union.
This feature permits companies to collect both recurring and one-off payments directly from customer bank accounts through the SEPA CORE scheme. By automating and basing charges on consent, SEPA Direct Debit streamlines the payment process, making it smoother for businesses in various sectors such as subscriptions, utilities, telecommunications, insurance, lending, education, and mobility.
Easing Payment Management for European Enterprises
myTU is an AI-driven digital bank offering secure and cost-effective services with remote onboarding for both enterprises and individuals. It provides a comprehensive suite of solutions including PaaS, family banking, marketplaces, and a loyalty system, all powered by its proprietary core banking platform.
With the addition of SEPA Direct Debit, myTU expands its payment infrastructure, which also includes instant pay-ins and payouts, card issuing and acquiring, and digital onboarding. This launch ensures businesses have a fully integrated payment system suitable for modern, API-first operations across Europe.
myTU aims to simplify finance operations by offering a platform where payments, onboarding, cards, and SEPA Direct Debit are interconnected through a single API, providing businesses with greater control over their financial processes.
Offering complete control over the lifecycle of SEPA Direct Debit mandates, myTU allows users to create, manage, and delete these mandates via its API. The VOP feature helps minimize setup errors and ensures payment success.
Unlike traditional card payments, SEPA Direct Debit offers cost-efficiency and reliability, addressing issues such as card expiry, token churn, or failed charges. It supports scheduled collections to prevent late or missed payments, all while adhering to myTU’s stringent security standards, including ECDSA signatures, IP and DNS validation, secure timestamps, and bidirectional authentication. Real-time event notifications further aid in automated reconciliation and better integration with accounting, ERP, or billing systems.
