Prometeo enters the US market with its BAV offering

Wednesday 19 June 2024 09:33 CET | News

Prometeo has announced that it entered the US market via its Bank Account Validation (BAV) solution, supporting the connection between LATAM businesses and US banks.

To enable global companies to verify banking information in Latin America and the US via a single provider and API, Prometeo introduced its BAV offering in the US and expanded its footprint. The news comes after the company revealed in May 2024 its plans to expand its operations to Mexico, the US, and Brazil between 2024 and 2025. At that time, Prometeo operated in ten countries and served over 40 clients, including major banks such as Citibank and J.P. Morgan, and other financial technology companies, corporations, and financial institutions, including Banco Santander and Rapi de México.

Prometeo has announced that it entered the US market via its Bank Account Validation (BAV) solution, supporting the connection between LATAM businesses and US banks.

Before announcing its expansion plans, the company secured a USD 13 million Series A funding round, with the capital injection being focused on developing a more accessible and interconnected financial environment in Latin America.

What are some of Prometeo’s plans in the US?

The current announcement intends to address use cases to support businesses with the infrastructure to handle accurate information for multiple financial operations, including:
  • Fraud and error prevention in bank transfers, with BAV assisting with the verification process of the authenticity of US bank accounts before allowing transfers or payments. Through this, Prometeo aims to minimise administrative costs, manual process productivity loss, and reputational damage;

  • Payment automation by integrating the BAV service, which focuses on ensuring that funds are sent to the current accounts;

  • Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, whilst guaranteeing that accounts are operational and legitimate before creating financial relationships;

  • Customer onboarding via automatic account validation;

  • Payment method integration for ecommerce companies and wallets.

According to Prometeo’s officials, by including the US market in its bank account validation coverage in Latin America, the company advances its commitment to developing the infrastructure required for global financial connectivity. In addition, through this launch, Prometeo intends to standardise response structure across different regions, optimise cost and time efficiencies, and foster agility in market expansion. At this time, the company provides BAV in seven Latin American countries, including total coverage of banks in Mexico and Brazil.

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Keywords: expansion, fraud prevention, digital onboarding, payment methods, Open Banking, financial services, financial inclusion, AML, KYC
Categories: Banking & Fintech
Companies: Prometeo
Countries: United States
This article is part of category

Banking & Fintech


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