Belvo launches an Open Finance solution in Brazil
Latin America-based Open Finance API platform Belvo has launched its official Open Finance solution for financial institutions and other regulated players in Brazil.
The solution aims to simplify end-users’ connection to information through an optimized and compliant user experience. With Belvo’s new Open Finance product, which is compliant with Banco Central do Brasil (BACEN) guidelines, financial innovators now have a way to access end-user data in compliance with current and future guidelines and regulations.
By connecting through Belvo’s new solution, Open Finance regulated institutions do not need to spend resources developing their own technology in order to communicate with other institutions’ APIs. Instead, regulated players can now access always-up-to-date and standardized customer information through a single interface with high levels of security and conversion rates.
Thanks to Belvo, companies will also be able to consume data from institutions that are not yet under the scope of the Open Finance scheme. All via a single interface that companies can customize according to the financial institutions to which they need to connect.
This is made possible through a user journey built by Belvo in accordance with official Open Finance guidelines. Businesses simply need to integrate Belvo’s widget into their product to allow their end users to consent to sharing their information. End users will be redirected through a transparent process and given the opportunity to consent to sharing selected information with the institution of their choice.
Companies using Belvo’s Open Finance solution will receive consumer data in a consistent and standardized format, and will additionally be able to 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 offers and consolidate all customer financial account data into a single platform to better understand consumer habits and create more sophisticated personal financial management features.