With the PISP license from the Central Bank of Brazil, Belvo expands the scope of its operation in the country and will be able to start offering to its customers the possibility to make and receive payments through its API.
Belvo, the leading Open Finance platform in Latin America, has been authorized by the Central Bank of Brazil (Bacen) to operate as a Payment Transaction Initiator (ITP) in Brazil, within the scope of the regulated Open Finance framework in the country.
With this license, Belvo will be able to offer its customers the possibility to transfer money via Pix between accounts of different institutions. All within their own platforms, a process with less friction for the final consumer.
Combining payment initiation with its data aggregation and enrichment solutions, Belvo becomes the player with the most complete Open Finance infrastructure portfolio in Brazil.
The use cases Belvo intends to develop include different payment solutions with high potential in the Brazilian market: business models such as lenders, e-commerce checkouts, personal finance managers, and ERP software providers can benefit from payment solutions.
By connecting with Belvo, lenders will be able to centralize and automate the process of collecting parcels, fees, and emitting payments, in a safer and more practical process.
This solution also has meaningful potential for the B2B payments market and its operators. For instance, payment initiation allows ERP systems to offer their customers the option of making payments directly through their platform interfaces, making it much easier to operate financial tasks and accounting.
"Receiving this authorization from the Central Bank is a fundamental step toward Belvo's mission in Brazil and Latin America to democratize access to financial services and promote Open Finance in the region. From this step, we 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", says Pablo Viguera, co-CEO and co-founder of Belvo.
"The payment initiation comes to make the financial system more efficient in the country, initially leveraging Pix and bringing new use cases as the model advances. Belvo is in a privileged position as an enabler of this model which will revolutionize the way people and businesses operate payments daily in Brazil, helping the system become more efficient and secure, which leads to better sales conversion," says Albert Morales, General Manager of Belvo in Brazil.
At the beginning of June, Belvo also received a similar license from the Mexican government to start offering its payment solutions in the country.
