Are you curious about what open banking can bring to your business and to you as a consumer? With Prometeo, dive into the heart of this financial revolution to discover all the advantages this new system can offer. Join us for a complete breakdown of open banking and explore the opportunities available to you.
The benefits of open banking with Prometeo for businesses
With the emergence of open banking in Latin America, companies like Prometeo are redefining how businesses can manage their finances. The benefits are many and profound. First, transaction costs are significantly reduced. This allows businesses to reinvest these savings into their operations, thereby promoting growth.
Next, the rapid processing of payments improves cash flow management. Funds are available exactly when needed, eliminating delays that once hindered financial operations.
Advanced fraud prevention measures offered by open banking solutions also enhance security and trust. Businesses can focus on their core activities without worrying about the security of transactions.
The impact of open banking for consumers in Latin America
For consumers, open banking promoted by Prometeo brings about a radical transformation. It offers greater control over their finances and financial data. With a significantly improved user experience through digital platforms, users can manage their finances simply and effectively.
Consumers can now obtain loans, open savings accounts, and acquire insurance products with just a few clicks. Real-time direct payments from their bank accounts add an unimaginable level of convenience and speed compared to older technologies.
Underbanked populations also benefit from this innovation. They now have access to financial services that were previously inaccessible, thanks to increased financial inclusion.
Prometeo’s contribution to the evolution of the credit market
Prometeo plays a crucial role in enhancing the credit market in Latin America. Access to customers’ financial information, with their consent, allows lenders to offer personalized rates or payment plans tailored to each individual’s financial situation.
Prometeo’s account-to-account payment solutions enable lenders to transfer funds in real time directly to customers’ bank accounts. This not only increases speed but also the reliability of transactions. Customers can also pay their dues directly from their bank account.
Regional initiatives in open banking
Several countries in Latin America, such as Brazil, Chile, and Mexico, have established regulatory frameworks that promote the adoption of open banking. These initiatives have led to the creation of new financial products and services tailored to the unique needs of consumers.
For example, the PIX payment platform initiated by the Central Bank of Brazil four years ago is quickly becoming the preferred payment method in the country. Colombia’s roadmap for implementing open banking in the coming years also aligns with Prometeo’s single API approach, offering differentiated connectivity across hundreds of financial institutions.
The future prospects of Prometeo
Prometeo continues to strengthen its position as a leader in fintech infrastructure in Latin America. In two years, it has expanded its network to include more than 500 APIs across 283 financial institutions in 10 countries. This expansion is supported by strong partnerships and increased penetration of new markets, leading to an exponential increase in sales between 2021 and 2023.
Prometeo strives to create an open and interconnected financial market, becoming the go-to platform for both large enterprises and growing startups.
Open Banking in Daily Life
Benefits for businesses
- Reduction in transaction costs
- Improvement in cash flow management
- Advanced fraud prevention
Benefits for consumers
- Simplified financial management
- Access to real-time financial services
- Increased financial inclusion
List: Open Banking Benefits by Prometeo
| For businesses | For consumers |
| Cost reduction | Control over finances |
| Rapid payment processing | Facilitated access to loans |
| Enhanced security | Real-time transactions |
| Improved cash flow | Financial inclusion |
With Prometeo leading this revolution, open banking is just beginning to reveal its potential to transform the financial landscape in Latin America. Businesses and consumers can expect to benefit from greater inclusion, personalized services, and enhanced security. Here’s to a bright financial future!
