Belvo and Nequi forge Open Finance agreement in Colombia

Monday 26 February 2024 12:39 CET | News

Open Finance platform Belvo and digital wallet Nequi have closed an agreement in Colombia within the framework of regulated Open Finance.


The newly signed agreement will allow Nequi users to share their wallet transactional information with other entities, thanks to the direct connection with Belvo. Therefore, they will be able to have access to better products and services adapted to their needs, and even access formal lines of credit for the first time, thus promoting financial inclusion.

Open Finance platform Belvo and digital wallet Nequi have closed an agreement in Colombia within the framework of regulated Open Finance.

Propelling Open Finance in Colombia

The initiative is aligned with the vision of Colombian regulators, expressed in the publication of Circular No. 004 of 2024 that establishes the standards for Open Finance. This new regulatory framework defines the guidelines so that banks can now operate with these models, supports the work of data aggregators such as Belvo, and stipulates the requirements that these players must meet, such as accrediting ISO 27001 certification.

Officials from Belvo said they are proud to comply with all these security standards and have the necessary technological infrastructure to be reliable partners for financial entities, both through this connection and through all market coverage that they have already been providing to clients in the country, within the established regulatory framework.

The agreement consolidates Belvo as a fast, safe, and reliable option to connect Nequi users with other financial entities, also offering substantial savings in time and resources for all parties involved. Altogether, Belvo already offers connections with more than 10 entities in the country.

This collaboration represents a crucial advance in the development of Open Finance in Colombia, paving the way for future collaborations. Belvos representatives further explained that this connection via API is just the first of many other integrations that will come, which portends a promising future in the development of Open Finance in Colombia and in the region. They are happy about this milestone and about being the reference partner for entities like Nequi, as it demonstrates the banking sector's commitment to the opening and democratisation of financial services through technology.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Open Finance, digital wallet, data sharing, regulation, financial inclusion
Categories: Banking & Fintech
Companies: Belvo, Nequi
Countries: Colombia
This article is part of category

Banking & Fintech




Discover all the Company news on Belvo and other articles related to Belvo in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events