Uruguay-based Prometeo has launched its Payment API for the Latin American market, which will enable transparent and efficient exchanges using banking infrastructure and API connectivity.
The new purpose-built solution aims to address what Prometeo has identifies as a lack of automated and standardised infrastructure for payments and money management in the region.
Prometeo, which is the largest Open Banking API platform in Latin America, said that the service is a “pay-per-bank” facilitator, allowing digital money transfers and automated payments between financial institutions, without credit card fees, delays or “complicated manual intervention”.
The Payment API is already connected with banks that represent 80% of the market share in Colombia, Peru and Ecuador, and Prometeo plans to extend the reach of the service throughout 2021, with new payment connections.
“The financial sector and the array of payment options in LatAm must be modernised as cash is still king,” said Ximena Aleman, co-founder and co-CEO of Prometeo.
“Prometeo tackles these issues and provides key infrastructure for financial companies operating across the financially underserved region.”
Prometeo provides a single point of access to information, transactions, and payments across more than 33 financial institutions and 54 APIs in nine countries in Latin America.
Read more about where Latin America is on its Open Banking journey here.