Fintech firms propose joint standards for Open Finance in LATAM

Tuesday 30 May 2023 11:07 CET | News

Colombia Fintech Association, FinTech México, Belvo, and other associations have partnered to propose joint standards for Open Finance in LATAM.

Fintech associations from Colombia, Peru, Mexico, and Chile published a paper in which it was proposed a series of joint standards for Open Finance. 

According to the comments published in the press release by officials from the Colombian Fintech Association, FinTech México, and Belvo, the collaboration has the objective to make the needed information available to regulators in the areas, in order for them to establish a common standard and develop an improved fintech ecosystem while providing lower costs for end-users. 

The aim of the document was set on fostering comprehensive regulatory bodies across the Latin America region, which aims to enhance cross-border transactions and implementations. Following the publication, each one of the four associations will present this proposition to its respective regulators. 

Fintech companies from Mexico, Colombia, Chile, and Peru have launched a document in order to propose standards for Open Finance in Latin America.

Recent developments on Open Finance in Latin America

The rise of Open Banking has represented a significant opportunity for companies and fintechs to design and launch improved solutions and services that cater to the diverse needs, requirements, and preferences of the LATAM region. 

The Paypers published an interview with Caio Costa, Managing Director at PagSeguro International in May 2023, in which the digitalisation, customer expectations, and needs, as well as the overall main trends present in Latin America were discussed for 2023 and beyond. While covering the Open Banking and Embedded Finance industry, it was mentioned that LATAM represents a region where these models are rising, bringing variety to the payment segment while improving the overall relationship companies have with their users. 

In the same month, Rapyd announced its partnership with Belvo, a Latin America-based Open Finance data and payments platform. Following this strategic deal, by combining Rapyd’s global payments network with Belvo’s expertise in Open Banking, businesses and firms across Latin America were given the possibility to deliver Open Finance experiences to their users and customers. 

This aimed to offer companies the opportunity to improve their development processes and to access data, payment technologies, and networks, streamline the way they access and interpret data, as well as send, receive, and manage funds in the LATAM market. Belvo already had multiple clients and customers in Mexico, Brazil, and Colombia, including financial institutions, neobanks, lenders, as well as ERP companies. The focus of the firm was on enabling them to leverage Open Finance data and payments for building a more secure, efficient, and inclusive suite of products in Latin America. 

Earlier in April 2023, Belvo acquired Skilopay, a Brazil-based payment institution that specialises in payment services through the use of Pix. The initial purchase will allow the company to extend its current payment product offerings, which already included Open Finance payment initiation. Furthermore, it became a comprehensive and secure account-to-account (A2A) payment provider in the Brazilian market. 

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Keywords: product launch, mobile banking, online banking, banking, Open Banking, Open Finance, digital banking
Categories: Banking & Fintech
Companies: Belvo, Colombia Fintech, FinTech México
Countries: Latin America
This article is part of category

Banking & Fintech



Colombia Fintech


FinTech México

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