Mexican fintech Finerio Connect is working alongside Ozone API and Visa with the announcement of a shared collaboration to support financial institutions in Latin America and the Caribbean.
With a focus on helping firms within the regions navigate open banking technology, the trio seeks to offer an ‘end-to-end’ set of tools which enables rapid implementation which is compliant to market readiness.
In addition, Finerio’s API Hub aims to bring Visa and Ozone API’s capabilities together under a white-label modular solution, enabling financial institutions to comply and compete in the open banking sector.
“When we founded Finerio Connect, we realised how difficult it is to implement an open banking solution, but also visualised the impact it can have on the end user,” Luis López, CEO of Finerio Connect.
“We created Finerio Connect so that all the knowledge, experience, and infrastructure that we built could be shared with financial institutions. We designed a work plan so they can adopt an open banking infrastructure from day one.”
Finerio’s API Hub integrates Ozone API’s platform, providing access to bank aggregation, data analysis, and end user experiences on top of other Finerio services. Ozone API has helped merchants and banks with its API solution to help move beyond compliance.
“Ozone API has been involved in the development of open finance standards from the very beginning, so we understand where the real complexity is and how to make it work for all parties, banks, the third parties and most importantly end-users,” commented Huw Davies, Co-Founder and CCO at Ozone API.
“We founded Ozone API as we saw how difficult, expensive and time-consuming banks were finding it to deliver high quality, standards-based open APIs.”
Visa’s contribution sees the card network utilise its expertise to add data assets, API’s and payment capabilities to develop cases of solutions, which includes the recent collaboration with Finerio and Ozone API.
Romina Seltzer, Head of Products & Innovation for Visa LAC, added: “Working with our partners in the ecosystem, our focus in open banking is to foster innovation, bringing our network capabilities and value-added services to facilitate safe and reliable connections for financial institutions to offer consumers more options that allow them to take control of their financials and data.”
Finerio Connect was Latin America’s first company to develop and produce open banking solutions, with it becoming one of the leaders within the region.