Belvo launches official Open Finance solution for regulated financial institutions in Brazil

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. Instead, regulated players can now access always updated and standardized customer information through a single and easy-to-integrate interface with the highest levels of safety and conversion rates.

Through Belvo, companies will also be able to consume data from institutions that are not yet under the scope of the Open Finance schema. All through a single interface that companies will be able to customize depending on which financial institutions they need to connect to.

This is made possible through a first-class user journey built by Belvo following Open Finance official guidelines. Companies just need to embed Belvo’s widget in their product to allow their end-users to easily consent to share their information. End-users will be redirected through a seamless process and have the option to consent to share selected information with the institution of their 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”, says Pablo Viguera, Co-Founder and Co-CEO at Belvo.

Enrichment capabilities on top of Open Finance data

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.