Open finance platform Belvo and payments company J.P. Morgan Payments have formed a partnership to address the needs of recurring payments management in Mexico.
The collaboration combines Belvo’s open finance platform with J.P. Morgan’s payment processing capabilities to facilitate direct debit solutions for businesses, aiming to simplify and secure payment processes.
Direct debit, a preferred payment method for companies aiming to streamline financial processes, will now be more accessible across various industries, including utilities, subscription services, insurance, lending and automotive.
This integration promises to enhance user experience, increase customer retention and improve operational efficiencies by automating payment collections, thus reducing errors and ensuring timely payments.
The collaboration
Federica Gregorini, general manager of Belvo in Mexico, which connects with over 140 financial institutions and provides services to some of the largest banks and fastest-growing fintechs in the region, said the collaboration elevates recurring payment automation, making it more accessible for businesses of all sizes.
“We’re pleased to work with Belvo to offer our clients in the country access to a best-in-class direct debit solution, providing higher transaction success rates, new features such as partial debit payments, and more efficient settlements.
“We are committed to helping companies in Mexico run their businesses more efficiently, so they can grow, diversify and thrive with improved cash flow management and enhanced customer retention through this new solution.”
J.P. Morgan Payments, which processes nearly $10trillion in payments daily across more than 160 countries, brings its capabilities in treasury services, trade and working capital card and merchant services to this partnership.
Francisco Molina Viamonte, head of Mexico for J.P. Morgan Payments, also commented: “We’re pleased to work with Belvo to offer our clients in the country access to a best-in-class direct debit solution, providing higher transaction success rates, new features such as partial debit payments, and more efficient settlements.
“We are committed to helping companies in Mexico run their businesses more efficiently, so they can grow, diversify, and thrive with improved cash flow management and enhanced customer retention through this new solution.
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