'Account to Account Payments,' a Financial Product Launched by Prometeo in the Country, Enables Real-Time Money Transfers, Without Friction and With Greater Efficiency for Businesses and Companies
MEXICO CITY, MEXICO / ACCESSWIRE / March 6, 2024 / Prometeo, a leading fintech infrastructure company connecting global corporations with financial institutions in Latin America, has taken a significant step by introducing its innovative product "account to account payments" to the Mexican market. This technological solution allows for real-time payments directly to a bank account, eliminating intermediaries and using a single API.
This launch represents a significant advancement in a region where bank transfer payments have experienced rapid growth. According to data from the U.S. financial company FIS, between 2021 and 2022, bank transfer payments increased by 71% in Latin America, indicating the significant growth and development potential of such solutions. Part of this growth is attributed to the significance of PIX and PSE in Brazil and Colombia. "Observing the experience in other Latin American countries, we believe that account to account payments can change the payment landscape in Mexico. Because of this, it is crucial to provide an enriched user experience and work on market-wide implementation," comments Ximena Aleman, co-founder and co-CEO of Prometeo.
Since the launch of account to account payments, Prometeo has led the development of innovative alternatives to traditional methods, such as credit or debit cards, demonstrating its commitment to the evolution of the financial sector. With this new release, the company's goal is to provide its customers with an experience that allows them to receive payments through the bank with an embedded solution in their digital channels, such as websites or apps. As a ready-to-use solution, businesses do not need to undergo complex technical developments and can implement it in a matter of days.
Thanks to Prometeo's regional reach, businesses can now access this payment solution in six countries: Brazil, Colombia, Ecuador, Uruguay, and now Mexico, all through a single integration. Another highlight is the direct connection to the Banco de México (Banxico) network, providing access to 100% of Mexican banks.
"The launch of this product in Mexico is a significant step in our expansion strategy, where the focus is on connecting global and regional companies with financial institutions in Latin America, creating an infrastructure layer that standardizes their operations across the continent," comments Aleman.
It is worth noting that this solution is available 24/7 and allows for unlimited payment receipts. Additionally, it enables businesses to have access to real-time collections. Thanks to a straightforward integration and a user-centric interface, it allows a payment flow in 40 seconds with less than five clicks, a significantly shorter time than current market options.
Account to account payments ensure security, privacy, and fraud prevention by not requiring sensitive data for transactions, as well as avoiding product cloning, a common threat with cards. Additionally, with this solution, businesses can access a comprehensive control panel that offers complete traceability of funds, allowing visualization of each payment with its corresponding identification for easy reconciliation.
"Leading the expansion of this innovative product in a country where only around 50% of the population has at least one bank account, according to the latest National Financial Inclusion Survey, is a challenge that fills me with pride," said Rosario Flores Vidal, Head of Product at Prometeo. "We are automating the payment process with an embedded and secure solution, where all purchase data is available in one place and in real-time, taking the payment experience to the next level."
In the coming months, Prometeo will continue to expand "account to account payments," offering the option to generate payments through personalized links and QR codes, further enhancing the payment experience for users and businesses.
About Prometeo:
Prometeo stands as the fintech infrastructure leader that allows corporations to seamlessly integrate with the financial system in Latin America. Through its embedded banking software platform and multi-banking solution, Prometeo empowers clients with straightforward and automated access to information and transactions through a single API. This transformative technology enables effortless access to the largest network provided in Latin America, consisting of more than 500 connections to 283 financial institutions in 10 Latin American countries. More information at www.prometeoapi.com.
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SOURCE: Prometeo
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