MOVii and Belvo Forge Strategic Alliance to Combat Online Payment Fraud in Colombia

Published 8 months ago

MOVii, a leading platform for payments and financial services in Colombia, is proud to announce its strategic partnership with Belvo, the leading open finance platform in Latin America. The collaboration aims to tackle issues related to authentication and online payment fraud.

About the Alliance

The goal of this partnership is to enhance efficiency, ease, and security in online payments, thus ensuring peace of mind for users transacting without hindrances. MOVii already partners with major allies in various sectors. This alliance will allow them to bolster security and improve the user experience they offer to their clients when making online payments.

Currently, online payment fraud poses a significant challenge to the Colombian financial industry, impacting approximately 20% of transactions. Belvo’s open finance technology allows for simple user identity authentication through their financial institution during payments. This can potentially reduce the risk of fraudulent operations by up to 80%, marking a positive impact for customers and the financial sector at large.

As a result of this alliance, MOVii will be able to offer its clients faster online payments through PSE (Secure Online Payments) up to three times faster, thanks to the interface developed by Belvo. This promotes the adoption of this increasingly used payment method by Colombians, now with greater protection.

Industry Reactions

Hernando Rubio, co-CEO and co-founder of MOVii, stated that the partnership with Belvo is a crucial step in their mission to provide safer financial solutions for their clients. They are ready to work towards solving authentication issues and combating online payment fraud, thereby providing a more peaceful and secure digital life for each user.

David Ballesteros, General Manager of Belvo in Colombia, echoed this sentiment, emphasizing that collaboration is essential to drive innovation in the financial sector. He expressed excitement about the alliance’s potential to apply their open finance technology to improve conversion and security of online payments in Colombia.

The aim of this alliance is to promote safer and more accessible financial solutions for their users. Both companies reaffirm their commitment to stimulate growth and trust in Colombia’s financial ecosystem through this collaboration.

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