Prometeo Open Banking , an Open Banking platform, has launched one of the first account-to-account (A2A) payments solution in Latin American markets. Prometeo‘s new payment service provides a frictionless user experience, no intermediaries, and convenient costs for merchants and users.

The company claims that the service allows merchants to scale without the need for complex integrations and developments. The solution allows Prometeo’s customers to embed bank account payments into their digital channels through Prometeo’s ready-to-use widget. Security is at the core of Prometeo’s architecture and development to respond to the demand for cybersecurity features, personal and financial data safety, and fraud prevention.

When paying, users can elect their country, financial institution, and log in with their bank account credentials to confirm the payment. Then the payment goes directly from their bank account to the merchants’ bank account through Prometeo’s API infrastructure: there are no intermediaries, which makes the user’s purchasing experience fast and with no chargeback costs. Account-to-account payments This A2A solution is completely backed up by each bank’s infrastructure which reduces the risks of chargebacks or unidentified payments in real-time.

The company’s API infrastructure currently supports more than 40 financial institutions and over 110 APIs across 10 countries in Latin America. The service is already available in Colombia, Peru, and Uruguay and will expand to Mexico and Chile in the upcoming months. A2A payments operate through financial institutions’ systems, adding another layer of security with strong customer authentication and adhering to international payments regulations.

The company is also certified in ISO 27001 and possesses the Certification and Information Security License. Historically, credit and debit card payment methods have dominated the market despite high fees, lack of market coverage, and slow payment reconciliation processes for merchants. Prometeo’s A2A solution solves the problems associated with these traditional forms of payment.

The LATAM market LATAM has been moving toward digital payments technologies for the past two years with the rise of e-wallets and the trend of the cashless digital economy, but A2A solutions were unavailable in the region. The Open Banking APIs have already deconstructed fragmented financial railroads, allowing for better access to bank clearing systems and point-of-sale integration of A2A payments. Prepared for Open Banking A2A payments are available to everyone with a bank account.

There is no requirement to register. Consumers find authenticating on a financial app to be extremely easy and familiar. As Francois Guttierez mentioned, the key benefits of A2A/Open Banking payments are that they are real-time, cost significantly less, have no late fees, are less exposed to fraud since they need to be authenticated via a banking app, and are convenient.

These benefits are fully consistent across different use cases, which could be for merchants (B2B) or within the embedded finance app (Asset Management). .