Belvo Launches Open Finance Solution for Colombian Fintechs and Merchants

Open finance platform based in Latin America Belvo We have launched a new solution for merchants and fintechs to accept Pagos Seguros en Lnea (PSE) with an enhanced user experience.

Belvo hopes its new open finance solution will facilitate payments using PSEs and increase adoption in Colombia. The company explains that where the traditional payment process required up to 10 steps, this new design can reduce it to 4. This is intended to speed up and simplify the payment process, allowing more customers to complete the process.

The new solution allows users to easily select the bank they would like to pay with. This ensures that all payments are verified directly through your bank of choice, reducing the risk of fraud.

It can also improve conversion rates over current online payment methods such as credit cards. It is intended to support merchants and financial service providers.

The solution also allows users to register their bank details once and reuse them for future recurring transactions.

David BallesterosThe general manager of Belvo in Colombia explained what the solution aims to do across Latin America. Ballesteros said:

We also want to contribute to market adoption and the advancement of digital payments in the country. We have decided to use open finance technology to provide an optimized PSE payment experience. We are confident that this will enable more companies to adopt this system, which has significant advantages such as immediacy and security.

Democratize access to financial services through open finance

one fintech, Monethas already incorporated new Belvo solutions to streamline its customers’ payment experience. The Colombia-based fintech aims to offer immediate payroll advances to its employees in Colombia.

Freddie FernandezMonet Co-Founder and CEO said:

“Hand in hand Belvo, we continue to improve the conversion of the platform, eliminating friction for customers, making payments convenient and safe. “

Alongside the launch of the new solution, Belvo reaffirmed its commitment to improving access to and democratizing financial services through open finance in Colombia. Belvo also offers a range of products and services to access financial data from various sources and enrich the data to extract better analytics for its users.

Belvo’s platform currently offers connectivity with over 60 financial institutions in Mexico, Brazil and Colombia. The company also partners with over 150 clients, including both B2B and B2C players. These include neobanks, credit providers, and personal financial management tools.