Belvo and J.P. Morgan Payments to Boost Recurring Payments in Mexico

Belvo and J.P. Morgan Payments have joined forces to transform the recurring payments ecosystem in Mexico. This strategic collaboration aims to provide businesses with an automated and efficient solution for managing recurring payments through direct debit, a core payment method among companies looking to streamline their financial processes.

The collaboration between Belvo, Latin America’s leading open finance platform, and J.P. Morgan Payments, a global payments leader, opens new opportunities for businesses across various sectors to implement direct debit quickly and securely to help enhance the user experience and customer retention.

Belvo, with its advanced technology and seamless integration, provides the ideal solution to automate these collections and facilitate the process for both businesses and end users. Belvo now joins the J.P. Morgan Payments Partner Network, which delivers end-to-end payment  experiences through an ecosystem of third-party applications that can help grow businesses faster.

Industries such as utilities, subscription services, insurance, lending, automotive and more will directly benefit from the ability to automate their recurring collections. By eliminating the need for users to make manual payments, direct debit reduces errors and ensures that payments are made on time, which in turn improves companies’ liquidity.

Federica Gregorini, General Manager of Belvo in Mexico, commented: “This alliance with J.P. Morgan Payments is a milestone for Belvo and the financial ecosystem in Mexico. Direct debit offers a modern and efficient solution that not only improves companies’ operational processes but also makes life easier for users. With this collaboration, we are taking recurring payment automation to the next level, making it more accessible for all types of businesses.”

J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies.

In 2023, J.P. Morgan Payments reported $18.3 billion in revenue across the firm, up from approximately $14 billion in 2022, representing a 31 percent increase, excluding the impact of equity investments.

Francisco Molina Viamonte, head of Mexico for J.P. Morgan Payments, added, “We’re pleased to work with Belvo to offer our clients in the country access to a best-in-class direct debit solution, providing higher transaction success rates, new features such as partial debit payments, and more efficient settlements. We are committed to helping companies in Mexico run their businesses more efficiently, so they can grow, diversify and thrive with improved cash flow management and enhanced customer retention through this new solution.”