Belvo and Banco W Partner to Promote Financial Inclusion in Colombia

Published 7 months ago

Belvo, through its open finance platform, is facilitating financial entities’ users to share their banking data securely and straightforwardly with Banco W. The goal is to provide access to better products and services tailored to customers’ needs.

What is Open Finance?

Open Finance is a new data exchange model that allows users to securely share their financial data with any entities they choose. This model aims to provide better products and services to the users.

Regulatory Framework Development in Colombia

A regulatory framework has been developing in Colombia since last year to facilitate this new model. The framework responds to the growing number of innovative financial applications and services in the country and the need for greater financial inclusion. In this context, Belvo specializes in creating more inclusive and efficient financial solutions by processing individuals’ financial data and transactional information. This process is done with their consent and follows the highest privacy and security standards.

The Essence of Banco W

Banco W aims to contribute to the economic and social development of the Colombian population by providing relevant financial solutions adapted to their needs. Obtaining customer information in microfinance is challenging due to high levels of informality and little information available about them in traditional information channels. Therefore, the role of open finance and the tools it offers is increasingly relevant. It allows for better, higher quality information about customers, thus enhancing credit access.

The Partnership Between Banco W and Belvo

The partnership between Banco W and Belvo is pioneering in the microfinance sector. It promotes new open finance models in the country, allowing users to share their banking data securely and simply to access better products and services. Belvo offers a leading data and open finance payments platform in Latin America, according to Rafael Kruger, Vice President of Innovation and Marketing at Banco W.

Open Finance: A Game Changer

Open finance allows people’s daily transaction information to become a new type of asset in the service of citizens. It can present itself to financial institutions to increase their chances of accessing credit. This approach fosters a more inclusive, fair ecosystem where people own their financial information.

Entities like Banco W play a crucial role in facilitating inclusive credit access that generates more opportunities for the population, David Ballesteros, General Manager of Belvo in Colombia, said. Belvo believes that open finance will bring a transformation in understanding customers and offering them products.