Prometeo launches API to activate LATAM payments

By Robin Amlot

Prometeo is the largest Open Banking API platform in Latin America (LATAM). It has announced the launch of its Payment API for the LATAM market, a purpose-built solution that addresses the lack of automated and standardised infrastructure for payments and money management in LATAM. 

The Payment API enables transparent and efficient exchanges using banking infrastructure and API connectivity. Promoteo’s service is a ‘pay-per-bank’ facilitator allowing digital money transfers and automated payments between financial institutions in LATAM, without credit card fees, delays, and complicated manual intervention. 

“The financial sector and the array of payment options in LATAM must be modernised as cash is still king. Prometeo tackles these issues and provides key infrastructure for financial companies operating across the financially underserved region,” stated Ximena Aleman, co-founder and co-CEO at Prometeo. 

Prometeo’s Payment API is already connected with banks that represent 80% of the market share in Colombia, Perú, and Ecuador. With the increased demand for FinTech products due to the pandemic, Prometeo is committed to building a highway of financial information and payment initiation across financial institutions and LATAM countries to standardise and facilitate payment processes, transactions, and access to information.

By empowering companies through banking API, third-party financial service providers will accelerate their digital transformation strategies while consumers will receive better financial products, too: credit analysis development, bank account validation, centralized bill payments, financial education tools, electronic wallets, and payment tracking.

The product will be developed and the service will extend its reach throughout 2021. Prometeo provides a single point of access to information, transactions, and payments across more than 33 financial institutions and 54 APIs in 9 countries in LATAM.