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Belvo expands its services in Brazil by offering payment initiation capabilities.

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Belvo, a leading open banking platform in Latin America, has announced its expansion of services in Brazil by offering payment initiation capabilities. This move is expected to revolutionize the payment industry in Brazil and provide a more streamlined and convenient payment experience for consumers and businesses alike.

Belvo’s payment initiation service allows users to initiate payments directly from their bank accounts, eliminating the need for third-party payment providers. This service is made possible by Belvo’s integration with Brazil’s instant payment system, PIX. PIX is a new payment system launched by the Brazilian Central Bank in November 2020, which allows for instant payments 24/7, including weekends and holidays.

With Belvo’s payment initiation service, users can make payments directly from their bank accounts without the need for credit cards or other payment methods. This will not only simplify the payment process but also reduce transaction costs for businesses.

Belvo’s expansion of services in Brazil is a significant step towards its goal of becoming the go-to open banking platform in Latin America. The company already has a strong presence in Mexico, Colombia, and Brazil, and this latest move is expected to further cement its position as a leader in the region.

Belvo’s CEO and co-founder, Pablo Viguera, said, “We are excited to offer payment initiation capabilities to our customers in Brazil. This is a significant step towards our goal of providing a comprehensive open banking platform that empowers businesses and consumers alike.”

The expansion of Belvo’s services in Brazil comes at a time when the country’s payment industry is undergoing significant changes. The launch of PIX has disrupted the traditional payment landscape in Brazil, and companies like Belvo are well-positioned to take advantage of this shift.

In conclusion, Belvo’s expansion of services in Brazil by offering payment initiation capabilities is a significant development for the payment industry in the country. This move is expected to simplify the payment process, reduce transaction costs, and provide a more convenient payment experience for consumers and businesses alike. With its strong presence in Latin America and its commitment to providing a comprehensive open banking platform, Belvo is poised to become a leader in the region’s payment industry.

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