Belvo transforms financial transactions in Mexico and Colombia with new “pay by bank” options, offering a automated payment solution.
The Latin American open finance platform Belvo has introduced “pay by bank” payment options in Mexico and Colombia with the goal of revolutionising the way companies manage financial transfers and variable recurring payments. Belvo has introduced new “pay by bank” products in Mexico and Colombia that let businesses perform routine, automated transactions straight from bank accounts, providing customers with a quick and easy way to make payments.
Belvo has launched a new Direct Debit solution in Mexico that lets companies take payments from any bank account. Customers may quickly and securely pay for goods and services by linking their bank accounts and authorising recurring, automatic transactions. This is especially helpful for funding digital wallets, collecting loans, paying subscriptions, and paying utility bills.
Meanwhile, Belvo has launched two new solutions in Colombia that enable companies to start payouts to destination accounts as well as perform automatic debits. Belvo can provide the advantages of direct debit along with the ability to automate payouts on a large scale using these.
Streamlining bank account transfers of funds
Co-founder and co-CEO of Belvo Uri Tintoré gave the following explanation: “Common pain points our customers have shared with us are chargebacks, fraud, and difficulty setting up variable recurring payments.”
“These new products use Belvo’s open finance data infrastructure to validate account balances and transaction histories, increasing conversion rates and lowering the risk of fraud. They also make money transfers between bank accounts easier and more secure.”
The need for effective and affordable payment options is already rising in both nations. It is anticipated that the integration of bank payments will result in a more than 50% reduction in transaction costs for enterprises in Colombia, where credit card networks have historically been the preferred option.
According to FIS, account-to-account (A2A) adoption is booming in Latin America and is expected to increase regionally at a CAGR of 22% between 2022 and 2026, nearly twice as fast as the global growth rate.
Belvo already makes it possible for businesses in Brazil to take Pix payments through open financial rails, which lowers costs and improves consumer security.
