With the adoption of ‘open banking’ thriving in LATAM, the ‘pay-per-bank’ feature promises to revolutionize financial interoperability and create opportunities in the region
Prometeo, the largest Open Banking API platform in Latin America (LATAM), announces the launch of its Payment API for the LATAM market, a purpose-built solution that addresses the lack of automated and standardized infrastructure for payments and money management in LATAM.
Prometeo is on a mission to create an open and connected financial market in LATAM. The launch of its Payment API enables transparent and efficient exchanges using banking infrastructure and API connectivity. The service is a “pay-per-bank” facilitator allowing digital money transfers and automated payments between financial institutions in LATAM, without credit card fees, delays, and complicated manual intervention.
“The financial sector and the array of payment options in LATAM must be modernized as cash is still king. Prometeo tackles these issues and provides key infrastructure for financial companies operating across the financially underserved region,” stated Ximena Aleman, co-founder and co-CEO at Prometeo.
Prometeo’s Payment API is already connected with banks that represent 80% of the market share in Colombia, Perú, and Ecuador.
With the increased demand for fintech products due to the pandemic, Prometeo is committed to building a huge highway of financial information and payment initiation across financial institutions and LATAM countries to standardize and facilitate payment processes, transactions, and access to information.
By empowering companies through banking API, third-party financial service providers will accelerate their digital transformation strategies while consumers will receive better financial products, too: credit analysis development, bank account validation, centralized bill payments, financial education tools, electronic wallets, and payment tracking.
This product will be developed and the service will extend its reach throughout 2021, with new payment connections, to benefit many LATAM companies.