Latin American fintech company Prometeo has launched its Bank Account Verification (BAV) service for the U.S. market.
The service allows Latin American companies to connect to all U.S. banks through a single vendor application programming interface (API) integration, the company said in a press release on Tuesday (June 18).
The statement said that Prometeos BAV is already available in seven Latin American countries and covers 100% of banks in Mexico and Brazil.
“The addition of the U.S. 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 CEO of Prometeo, in a press release.
One of the use cases Prometeos BAV will serve is preventing fraud and errors in bank transfers, the press release stated. By verifying the authenticity and accuracy of U.S. bank accounts, the solution reduces the risk of fraud from phishing and account manipulation, reduces administrative costs, and prevents reputational damage from late payments.
For businesses that frequently make large volumes of transactions, BAV helps automate payments by ensuring funds are sent to the correct account, the press release states.
Other use cases covered by BAV include anti-money laundering (AML) and know-your-customer (KYC), customer onboarding and payment method integration, according to the press release.
“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,” Aleman said in the release.
By providing a single data access point and APIs, Prometeo unifies a wide range of markets and acts as a technology enabler for financial companies, Aleman said in an interview with PYMNTS’ Karen Webster published in January.
“What we’re providing is versatile, comprehensive infrastructure that our customers can use in multiple countries at the same time,” Aleman said.
To further expand its multi-banking data and payment services, Prometeo raised $13 million in Series A funding in January.
At the time, its platform allowed customers to access banking information and payments from more than 283 financial institutions across 10 Latin American countries.