Under the terms of the agreement, Belvo provides Newt with a technical integration software for bank data aggregation, an access to standardised transactional data from individuals and bank accounts, as well as the ability to retrieve account holder information. With this integration, Newt will improve its risk assessment and underwriting capabilities with faster and higher-quality data.
Newt’s system processes real-time data to simplify accounting and reconciliation procedures for regulatory compliance and settlement functions, further simplifying onboarding for new clients by accessing real-time financial data during verification processes.
In 2021, Belvo has developed Recurring expenses, a new data enrichment solution that allows financial innovators to automatically identify consumers’ recurrent expenses for subscription services.
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