Open Finance platform Belvo has announced its partnership with Colombia-based company MOVii in order to fight digital payments fraud in the region. Throughout this partnership, the companies will focus on delivering secure and efficient online payments to customers in the region of Colombia, as well as ensuring that the payments and transactions of clients happen without impediments.

MOVii will be enabled to strengthen the security of its suite of services and to optimise its overall customer payment experience. Belvo will provide its Open Finance technology in order to allow users to authenticate their identity through their financial institutions in a simple way during the payment process. In addition, its solutions are set to reduce the risk of fraudulent transactions by up to 80% according to the press release, which aims to have a positive impact on customers and the overall financial sector of the region.

In addition, MOVii will have the possibility to offer its clients payments through PSE (Secure Online Payments) up to three times faster with the use of the interface provided by Belvo. At the same time, both companies will prioritise the growth and security in the financial ecosystem of Colombia. Belvo’s recent strategy of development Belvo is an Open Finance data and payments platform based in Latin America that focuses on allowing fintechs and financial institutions to access and interpret data.

The firm had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world. In September 2023, the company announced its partnership with Colombia-based microfinance bank Mibanco to optimise the manner in which customers in the area received credit through Open Finance. Belvo was set to deliver its suite of services and combine them with Mibanco’s expertise and products in order to allow clients to provide the current state of their finances and assess their overall debt capacity.

According to the press release published at the time, through the use of the Belvo platform, users and customers were enabled to share data from their daily financial activity in secure digital wallets, as well as other banking entities. This took place in order to demonstrate their ability to acquire a credit product in a safe and efficient manner. Earlier in June 2023, the analytics company FICO announced its collaboration with the Open Finance data and payments platform Belvo, which was focused on expanding credit access in Latin America.

The firms were set to develop an interpretable and explainable machine learning (ML) model, which provided a score based on customer permission transaction-lever data. The product was targeted at increasing credit access for clients, which improved the overall risk management of banks and FIs while enabling lenders to develop customised financial experiences for users at the same time. The score was aimed to be made available for clients in Brazil later in 2023.

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