Monday, December 23, 2024

LatAm Fintech Infrastructure Leader Prometeo Expands Footprint To US Market

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Prometeo, a leading fintech infrastructure company connecting global corporations 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 via one integration with a single provider and API.

Following the company’s rapid expansion across LatAm and its recent launch into the Mexican market with its Account-to-Account Payments solution, Prometeo’s BAV launch in the US addresses a wide range of use cases to equip businesses with the infrastructure needed to manage accurate and trusted information for several financial operations. These include:

  • Fraud Prevention and Error Prevention in Bank Transfers: Prometeo’s BAV helps verify the authenticity of US bank accounts before making transfers or payments, thus reducing the risk of fraud such as phishing and account manipulation. This error prevention reduces administrative costs, manual process productivity loss, and reputational damage from delayed payments or cybercrime-linked account funding.
  • Payment Automation: For companies executing frequent mass transactions, embedding Prometeo’s BAV service ensures that funds are sent to the correct accounts, thus eliminating human error and automating payment with security logic without relying on human oversight.
  • Anti-Money Laundering (AML) and Know Your Customer (KYC): According to LexisNexis’ True Cost of Financial Crime Compliance Global Study in 2023, the global cost of AML and KYC regulations is estimated at over $180 billion annually. Prometeo enables financial institutions to add account validation to their systems, streamlining compliance with KYC and AML regulations and ensuring that accounts are operational and legitimate before establishing or continuing financial relationships.
  • Customer Onboarding: The company’s automatic account validation eliminates cumbersome processes such as manual document submission and enables a streamlined process for clients to onboard new customers and confirm the authenticity of banking information from the outset.
  • Payment Method Integration: For e-commerce companies and wallets, integrating Prometeo’s account validation ensures that bank accounts added by users to execute payments are valid and belong to the account holder, thus improving the experience, complying with regulations, and reducing chargebacks and fraud incidence.

“The addition of the US market to our robust bank account validation coverage in LatAm is a major milestone for Prometeo, and underscores our ongoing commitment to developing the infrastructure needed for global financial connectivity,” said Ximena Aleman, Co-Founder and Co-CEO of Prometeo.

“By standardizing response structures across different regions, optimizing cost and time efficiencies, and fostering agility in market expansion, this launch strengthens our expertise in addressing the infrastructure and regulatory hurdles linked with cross-border financial integration.”

Amid the growing adoption of Verification of Payee (VoP) implemented by the EU and UK to combat fraud incidence in the region, the company’s BAV offering bolsters the growing movement around payment security in Latin America and the US.

Prometeo currently supports BAV in six Latin American countries including coverage to 100% 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 from Chile, Rappi, , PayU, Monnet, VTEX, among others.

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