Prometeo, a fintech infrastructure leader in LatAm, expands its presence in the US market

Prometheus, a leading fintech infrastructure company connecting global businesses with financial institutions in Latin America, today announced the launch of its Bank Account Validation (BAV) offering for 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, thereby reducing the risk of frauds such as phishing and account manipulation. This error prevention reduces administrative costs, lost productivity of manual processes, and reputational damage resulting from late payments or funding of accounts linked to cybercrime.
• 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 with security logic without relying on human oversight.
• Anti-Money Laundering (AML) and Know Your Customer (KYC): According to LexisNexis’ 2023 True Cost of Financial Crime Compliance Global Study, the global cost of AML and KYC regulations is estimated at more than $180 billion per year. Prometheus enables financial institutions to add account validation to their systems, simplifying KYC and AML compliance and ensuring accounts are operational and legitimate before establishing or continuing financial relationships.
• Customer onboarding: The company’s automatic account validation eliminates complicated processes such as manual document submission and allows customers a streamlined process for onboarding new customers and confirming the authenticity of banking information right from the start.
• Payment method integration: For businesses and e-commerce wallets, Prometeo’s account validation integration ensures that bank accounts added by users to make payments are valid and belong to the account holder, thus improving the experience, complying with regulations and reducing chargebacks and the incidence of fraud.

“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,” 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.

Prometeo currently supports BAV in six Latin American countries, including 100% coverage of banks in Mexico and Brazil. As an ISO 27001 certified platform that monitors its systems 24/7/365 to detect and analyze any security alerts, the company is a trusted partner of many of the largest banks and fintechs in the region, including Bancolombia, Banco Santander, Banco de México, Banco Estado del Chile, Rappi, , PayU, Monnet, VTEX, among others.

Source