Belvo, Visa to support Open Finance across Latin America

Thursday 4 November 2021 10:19 CET | News

Belvo and Visa have partnered to support the acceleration of Open Finance products and solutions in LatAm, according to the official press release. 

Under the agreement, Visa and Belvo will work together to support new payment flows, integrate both Visa and Belvo’s APIs for improved consumer experiences, and develop new solutions around areas such as identity verification. In addition to supporting new fintechs and developers, Visa will work with Belvo and its traditional bank clients to create solutions for new market segments. For instance, if a bank in the region wants to create a new application to reach a niche segment like gig economy drivers, Visa and Belvo can work together to bring this to life via Belvo’s Open Finance APIs. 

Belvo’s products enable consumers to share their financial information and other non-bank data with over 100 regional apps and services such as Jeeves, Rappi, Mobills, Ferratum, Higo, Creditea, and AskRobin. Consumers rely on these apps and services to help plan their spending, manage their personal finances, borrow money, and run their small businesses. For example, when a consumer in Latin America uses a digital platform to request a personal loan, that platform can use Belvo’s APIs to extract and analyse the consumer’s data. The company can use bank data to determine the loan’s tenure, interest rate, or even the most appropriate loan product for that specific consumer.

Connectivity between financial institutions and developers has become increasingly important to facilitate consumers’ ability to use fintech applications. Belvo provides its clients with an integrated suite of Open Finance products, providing both data aggregation and enrichment tools to build next-generation financial products. Belvo’s API already provides connections with 50 financial institutions, covering more than 90% of personal and business bank accounts in Mexico, Brazil, and Colombia, as well as tax authorities and gig economy platforms.

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Keywords: partnership, Visa, Open Finance, API
Categories: Banking & Fintech
Countries: Latin America
This article is part of category

Banking & Fintech

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