Fintech
LatAm FinTech Prometeo expands its presence in the US market
By Gloria Mattia
Today
- Banking technology
- BVA
- Fintech news
Prometheus, a FinTech Infrastructure company that connects global businesses with financial institutions in Latin America, announced the launch of its Bank Account Validation (BAV) offering in the US market.
With this launch, the company enables Latin American businesses to connect with 100% of US banks through a single integration with a single provider and API.
Following the company’s rapid expansion across Latin America and its recent launch into the Mexican market with its account-to-account payments solution, Prometeo’s BAV launch in the US addresses a broad range of use cases to equip companies with the infrastructure needed to accurately and reliably manage information for various financial operations.
These include:
- Fraud prevention and error prevention in bank transfers: Prometheus BAV helps verify the authenticity of US bank accounts before making transfers or payments, thus reducing the risk of frauds such as phishing and account manipulation.
- Payment Automation: For businesses that perform frequent bulk transactions, Prometeo’s BAV service integration ensures that funds are sent to the correct accounts, thus eliminating human error and automating payments securely.
- Anti-Money Laundering (AML) and Know Your Customer (KYC): Prometeo enables financial institutions to add account validation to their systems, simplifying KYC and AML compliance
- Customer Onboarding: Automatically validating your company’s account eliminates complicated processes like manually submitting documents and enables a streamlined process for customers to onboard new customers.
- Payment Method Integration: Prometheus account validation ensures that bank accounts added by users to make payments are valid and belong to the account holder.
“The addition of the US market to our robust bank account validation coverage in Latin America represents an important milestone for Prometeo and highlights our ongoing commitment to developing the infrastructure necessary for global financial connectivity,” he said Ximena Aleman, Co-founder and Co-CEO of Prometeo. “By standardizing response structures across regions, optimizing cost and time efficiencies, and driving agility in market expansion, this launch strengthens our expertise in addressing infrastructure and regulatory hurdles related to financial integration cross-border”.
In the context of the growing adoption of verification of payee (VoP) implemented by the EU and UK to combat incidences of fraud in the region, the company’s BAV offering reinforces the growing movement around payment security in Latin America and in the United States.
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