FinTech MyTU achieves Principal Membership status with Visa

By Gloria Methri

myTU, the FinTech specialising in cloud-only infrastructure and AI to transform banking, has attained Principal Member status with Visa Europe. The achievement opens new ways for the start-up to differentiate its brand via enhanced control and flexibility of payment services.

myTU is growing rapidly and currently serves more than 26,000 customers representing over 100 nationalities. myTU offers customers a debit card for all their daily transactions, whether they are at home or travelling abroad.

As a Visa Principal Member, myTU can now issue Visa cards directly to its clients without relying on third parties. As a result, it gains the ability to design and implement its own card programs and customise features that will accelerate myTU’s business strategy.

In addition, the company will remain competitive with access to Visa’s latest technologies and innovations via the Visa API.

Raman Korneu, CEO and co-founder of myTU, said, “We are very proud of this achievement, which involved passing a rigorous audit by Visa to ensure myTU is compliant with operational and regulatory requirements. We now have direct access to Visa’s widely accepted and secure card scheme. It also gives us early access to important payment innovations, such as the Visa Token Service, that will ensure myTU remains at the front of innovation.”

The Visa Token Service is a new security technology from Visa that replaces sensitive account information, such as the 16-digit account number, with a unique “token” or digital identifier that allows payments without exposing account details.

Neobank myTU is pioneering the use of cloud-only infrastructure and AI to make essential financial services easier to access, more secure, and more cost-effective. The company expects to integrate with Google Pay and Apple Pay within Visa Token Service in the first quarter of 2024. It also announced that it has got its Visa issuance license passported across the entire European Economic Area (EEA).