In 2023, Belvo is focused on the consolidation and mass adoption of open finance and payments models in the region. We have observed an increasing interest from large financial institutions and big technological players, indicating that open finance is here to stay. Belvo aims to leverage this growing interest by focusing on the following:
- Enhancing Existing Products: Belvo has released new features to improve the developer experience and has added new data aggregation sources. They have also strengthened their machine-learning capabilities to provide better insights to clients based on the analysis of millions of transactions.
- Payment Initiator Licenses: Belvo obtained regulatory licenses to operate as a payment initiator in both Brazil and Mexico. This milestone enables Belvo to create a category-defining product for the Latin American financial sector, allowing companies to accept instant account-to-account payments through Belvo's platform.
- Open Finance Payments: Belvo aims to consolidate their payment initiation capabilities and provide a more efficient, frictionless, and cost-effective way for financial innovators in Latin America to move money. They anticipate replacing traditional systems like credit cards and introducing exciting new use cases to the market.
For more information, you can refer to the full content on Belvo's blog: A Year in Review and What to Expect for 2023