Necessity for Complex Integrations to Scale Across LatAm Are Removed With Prometeos A2A Solution

Prometeo Open BankingLatin America’s open banking platform has launched an account-to-account (A2A) payment solution in Latin America (LatAm).

Prometeo’s new payment service offers a middleman-free user experience and convenient costs for merchants and users. The service is completely unique in the region and allows merchants to scale without requiring complex integration or development.

The solution allows Prometeo customers to integrate bank account payments into their digital channels through Prometeo’s out-of-the-box widgets. At the time of payment, users can select the country, financial institution and log in with their bank account credentials to confirm the payment. Payments are then made directly from her bank account to the merchant’s bank account via Prometeo’s API infrastructure. With no middlemen, the user’s buying experience is faster and there are no chargeback costs.

Historically, credit and debit card payment methods have dominated the market despite high fees, lack of market coverage, and slow and complex merchant payment reconciliation processes. Prometeo’s cutting-edge A2A solution solves the problems associated with these traditional payment forms.

It’s crazy, but the lack of middlemen in the digital payment process is very disruptive, he says. Simena Aleman, Co-Founder and Co-CEO of Prometeo Open Banking. We believe payment infrastructure is the natural next step for open banking in the region. With our he A2A payments solution, we will completely change the digital payments paradigm, allowing customers to turn their bank accounts into payment gateways. , he says Aleman.

This A2A solution is fully backed by each bank’s infrastructure, mitigating the risk of chargebacks and unconfirmed payments in real time. Aleman said: “We provide merchants with a ready-to-use widget to receive real-time payments directly in their bank account. We offer an instant reconciliation process and lower fees than any other payment service.” Our payment process is fully automated from start to finish, adds Aleman.

In Europe, A2A continues to grow, as revealed by Paypers’ Payment Methods report, with countries such as the Netherlands, Finland, Sweden and the Baltics leading this new payment trend. Latin America has transitioned to digital payment technology over the past two years with the rise of e-wallets and the trend towards a cashless digital economy, but A2A solutions have so far not been available in the region.

Security is at the core of Prometeo’s architecture and development to meet the demand for enhanced cybersecurity capabilities, personal and financial data safety, and fraud prevention. A2A payments are made through the systems of financial institutions, adding another layer of security through strong customer authentication and compliance with international payment regulations. The company is also ISO 27001 certified and holds a Certification and Information Security License.

The company’s API infrastructure currently supports over 40 financial institutions and over 110 APIs in 10 Latin American countries. The service is already available in Colombia, Peru and Uruguay, with plans to expand to Mexico and Chile in the coming months.