Keeping Your Money Safe

myTU is a mobile banking platform that prioritises safety and security when handling customer funds and data

1. The Changing Face of Banking Security

Masked banditos can’t steal your gold because the way people transact and store money has changed. Instead, new security frontiers have appeared, especially over the past decade, including internet privacy, customer ID and digital technologies. All underscored by regulatory compliance requirements.

Smartphones and internet banking have improved accessibility and convenience. Today your bank is in your pocket and the importance of brick and mortar branches has faded, with decreased throughput hastened by the rise of fintechs and Covid-19 lockdowns.

myTU’s money management is designed around technology that provides a 24-hour per day, tap-of-the-finger simplicity, which in the past was usually facilitated by somewhat tedious branch visits.

As new financial trends and technologies develop, the banking industry itself changes, new security challenges appear, and customer expectations change in line with value and an improved experience. However, some things in banking never change – people will always want their money to be safe.

2. Trust as Strong as a Vault

Success in any type of business depends largely on trust and this is doubly true when it comes to banking because money is a central part of everyday life. Financial institutions exist to keep money safe as well as accessible. Account holders must be fully confident their money is protected and personal data is handled responsibly and securely.

myTU is a mobile banking platform that takes the safety of customer funds, data and operations extremely seriously, down to the very last detail of privacy and security. We are very proud to note that myTU does not sell its customers’ private information to anyone under any circumstances.

3. myTU’s App Provides Money Management Safety

myTU’s apps on both iOS and Android are some of the most secure in the financial industry. Customers can manage their funds with complete confidence that both their data and funds are protected.

Authorisation and access to the account are implemented through biometric data, protected asymmetric keys and a secure remote password for access code.

Online and in-store payments are under the protection of industry-leading security technology, including 3D Secure for online, and pin verification for point of sale (POS) card payments.

Moreover, card functions can be easily managed to fit your individual and ever-changing security preferences. All payment card functions can be managed via the interface. You can lock or unlock the card in a few seconds; enable and disable cash withdrawals from ATMs; enable or disable transactions through contactless or magnetic stripe payments; turn internet payments on or off; and set individual transaction limits as needed.

Additionally, customers are notified about all account activity via push notifications.

In short, the app ensures you have peace of mind because you are in total control of what goes in or out of your account at any given moment, backed by the latest in security technology innovation.

4. Remote Onboarding

The apps facilitate remote onboarding and take advantage of security tech that makes onboarding extremely fast. This means no tiresome trips to a banking branch, queues or dealing with bureaucracy that can take hours.

myTU’s digital banking app has one of the fastest and most secure customer onboarding procedures among digital banking platforms, and is available to download via the Google Play Store and the Apple App Store. It allows customers to quickly open an account without being physically present.

5. myTU’s EMI Licence

A key aspect of myTU’s reliability is oversight from the proper regulatory bodies. In this regard you can be confident, because myTU holds an Electronic Money Institution (EMI) licence overseen by the Bank of Lithuania.

In part this is a convenience of geography as we are headquartered in Vilnius. Additionally, it is a matter of fortune, as Lithuania is a leading European jurisdiction for e-money institutions, and a great EMI licencing choice regardless of where you are in Europe.

Our EMI licence is convenient because it supports English-language documentation, direct access to the Single Euros Payment Area (SEPA) through the CENTROlink payments system, as well as the ability to provide regulated financial services under one umbrella throughout the entire European Union (EU) and European Economic Area (EEA).

As well as these benefits, holding an EMI licence also comes with some pretty strict requirements, such as ensuring reliable operating procedures, running on the high-level technology, a competent and trustworthy team, and robust compliance, including strict anti-money laundering/counter-terrorism financing (AML/CTF) and know your customer (KYC) procedures.

6. myTU’s Customers Hold Zero Credit Risk

An important distinction for an EMI licence-holder is that all customer funds are ring fenced. All of myTU’s client funds are held separately – most are safeguarded in accounts held with the Bank of Lithuania.

Electronic money issuers like myTU are not authorised to use customer funds for their own needs, so deposits are not loaned out or risked in any way. Hence negligeable credit risk for account holders who deposit their funds at myTU.

Technology innovation has entirely transformed the banking and financial services industries and continues to do so. Today, access to money with speed and convenience is available to everyone with a smartphone and internet connection.

myTU stands out because we understand there can never be a compromise when it comes to security. Whether it concerns customer funds, rights, data management, onboarding or account access, myTU ensures masked banditos won’t be able to steal your money or your data.