Customers of Belvo will now be able to make and receive payments through its API with the open finance platform having received a payment initiation service provider (PISP) licence from the Central Bank of Brazil (Bacen).
The license will enable the platform to offer Pix remittance services to its customers between accounts of different institutions.
The platform seeks to target lenders, e-commerce checkouts, personal finance managers and ERP software providers with its payment solutions.
For example, the platform aims to assist lenders with collecting parcels and fees and remitting payments in a centralised and automated process.
Additionally, the platform’s payment initiation capabilities will allow ERP systems to offer their customers the option of making payments directly through their platform interfaces; proving the solution’s potential in the B2B payments market.
Describing the Central Bank’s authorisation as “a fundamental step toward Belvo’s mission…to democratise access to financial services and promote open finance,” Belvo co-founder and co-CEO, Pablo Viguera, explains how the platform will be able to “enhance our offer to the Brazilian market, with a complete product that goes from aggregation and enrichment of financial data to payment initiation.”
“The payment initiation comes to make the financial system more efficient in the country,” adds Albert Morales, general manager of Belvo in Brazil, “initially leveraging Pix and bringing new use cases as the model advances.”
Morales adds: “Belvo is in a privileged position as an enabler of this model which will revolutionise the way people and businesses operate payments daily in Brazil, helping the system become more efficient and secure, which leads to better sales conversion.”
At the beginning of June, Belvo also received a similar licence from the Mexican government to start offering its payment solutions in the country.