LatAm FinTech Prometeo expands footprint to the US market

By Gloria Mathias

Prometeo, a FinTech infrastructure company connecting global corporations with financial institutions in Latin America, has announced the launch of its Bank Account Validation (BAV) offering in 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.
• 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.
• Anti-Money Laundering (AML) and Know Your Customer (KYC): Prometeo enables financial institutions to add account validation to their systems, streamlining compliance with KYC and AML regulations
• 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.
• Payment Method Integration: Prometeo’s account validation ensures that bank accounts added by users to execute payments are valid and belong to the account holder.

“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.