Latin America-based open finance platform Belvo has launched a new solution for merchants and fintechs, enabling them to accept Pagos Seguros en Línea (PSE) – with an enhanced user experience.
Belvo hopes its new open finance solution can make payments using PSE easier, to increase its adoption in Colombia. The firm explains that if the traditional payment process required up to 10 steps, this new design reduces it to four. This aims to speed up and simplify the payment journey, causing more customers to complete the process.
The new solution enables users to easily choose which bank they wish to make a payment from. This ensures that all payments are confirmed directly through that chosen bank, reducing the risk of fraud.
It also enables improved conversion rates over current methods of accepting online payments such as credit cards. This aims to support merchants and financial service providers.
The solution also only requires users to register their bank details once, enabling the reuse of the details for future recurring transactions.
David Ballesteros, general manager of Belvo in Colombia, explained what the solution aimed to do across Latin America. Ballesteros said: “The new bank-to-bank, or account-to-account, payment methods present a great opportunity for merchants and fintechs in Colombia and across Latin America.
“We also want to contribute to their adoption in the market and to the advancement of digital payments in the country. We decided to use our open finance technology to offer an optimised PSE payment experience, which we believe will help more companies to adopt this system that has great benefits such as immediacy and security.”
‘Democratise access to financial services through open finance’
One fintech, Monet, has already incorporated the new Belvo solution to streamline its customers’ payment experience. The Colombia-based fintech looks to provide instant salary advances to employees in Colombia.
Freddy Fernandez, co-founder and CEO of Monet, said: “We see great potential in bank-to-bank payments in Colombia and are excited to offer this new experience to our app users.
“Hand in hand with Belvo, we continue to improve the conversion of our platform and eliminate friction for our customers, now also to make their payments conveniently and securely.”
Alongside the launch of the new solution, Belvo has reaffirmed its commitment to improve and democratise access to financial services through open finance in Colombia. Belvo also offers a range of products and services to access financial data from different sources, and enrich the data to extract a better analysis of users.
Belvo’s platform currently provides connections with over 60 financial institutions in Mexico, Brazil, and Colombia. The company also already works with over 150 clients, including both B2B and B2C players. These include neobanks, credit providers, as well as personal finance management tools.