Belvo, the leading Open Finance API platform in Latin America, is launching its official Open Finance solution for financial institutions and other regulated players in Brazil to simplify the connection to end-users information through an optimized and compliant user experience.
Through Belvo’s new Open Finance product, which is compliant with the guidelines from Banco Central do Brasil (BACEN), financial innovators now have an easy and secure way to access end-user data according to present and future guidelines and regulations.
By connecting through Belvo’s new solution, Open Finance regulated institutions don’t need to dedicate resources to developing their own technology in order to communicate with other institutions’ APIs. Regulated players now have access to always up-to-date and standard customer information via a single interface that is easy to integrate and offers the best in safety and conversion rates.
Belvo will allow companies to access data from institutions not covered by the Open Finance scheme. A single interface, which companies can customize depending on the financial institutions they wish to connect to, will allow them to do so.
Belvo has created a user experience that is first-class, following Open Finance guidelines. Companies just need to embed Belvo’s widget in their product to allow their end-users to easily consent to share their information. The end-users will be directed through a seamless process, and given the opportunity to give their consent to share certain information with the institution of your choice.
“A solution like this has tremendous value for financial institutions, who won’t have to go through the laborious processes of developing and maintaining the connection to hundreds of Open Finance APIs. These and other strenuous tasks, like normalizing data from different banks, extracting insights from raw data through advanced analytics, and keeping up with regulatory demands, are Belvo’s core expertise. Now we want our clients to benefit from it so they can save precious time when consuming Open Finance data and focus on building new and improved products for their customers”, says Albert Morales, Belvo’s General Manager in Brazil.
“Open Finance is already a game-changer for financial innovators in Brazil, like PSD2 in Europe and Open Banking in the UK have been for both fintechs and traditional institutions, and has huge potential for growth. We are excited to facilitate this transformation to create more access to financial services in the country, with more sophisticated and custom products to better serve Brazilian people and businesses”,Pablo Viguera is Co-Founder and co-CEO of Belvo.
Open Finance data can be enhanced with enrichment capabilities
Companies using Belvo’s Open Finance solution will receive consumer data in a consistent and standardized format, and can additionally benefit from Belvo’s existing categorization, enrichment, and data science engines.
With access to enriched data, banks can build stronger risk models to create personalized credit offerings and consolidate all customers’ financial account data in one single platform in order to better understand spending habits and build more sophisticated personal financial management features.