> The connection to bank institutions are made using the bank websites.
When using Belvo, customers would need to user their website bank credentials, not the mobile ones if different.
This is fascinating. I’d always assumed that these open banking platforms had to go through a protracted period of relationship-building and negotiation with financial institutions, but you’re saying the most common approach is scraping? Is this how, e.g., Plaid does it?
We always try to do our dev work and connect to both the website and the app. In many (most) instances, though, in Latam going via web is the only way forward. That being said, we actively work with banks to partner up and establish direct connections too.
Partnering with banks you mean? Yeah, banks are slow to move but in Latam they're also pretty keen to partner up with fintechs if they see a win/win.
We work on the premise of end-users granting us permission to access and share the data they want for the means/apps they want. So there're an opt-in here. There's no general legal framework against this.
> The connection to bank institutions are made using the bank websites. When using Belvo, customers would need to user their website bank credentials, not the mobile ones if different.