The team at LatAm Fintech Belvo has reflected on a great year for all the financial innovators working towards “leveraging open finance in Latin America.”
Belvo has shared their latest product updates and releases “on three fronts: data enrichment, data aggregation, and [their] developers portal.”
Data enrichment updates
Belvo writes in a blog post that this past year, they’ve worked hard to “keep building the most powerful and complete set of out-of-the-box insights with two new enrichment products and major improvements.”
Get an instant picture of your users’ monthly recurring expenses
Now, with Recurrent expenses, you can use Belvo API to “get an overview of your users’ recurrent spending habits on subscription services such as Netflix or Spotify, as well as other cyclical payments including electricity bills, loans, and periodical transfers,” the company explained.
Understand your users’ risk profile
In addition, the team has released Risk insights (BETA), which provides “a set of high-quality and easy-to-integrate metrics to assess customers’ risk profiles.”
As noted by the Fintech firm, lenders and financial innovators can “easily integrate these insights into their credit scoring models and use them to optimize risk assessments processes, offer lower interest rates, get higher margins, and reach wider audiences.”
Merchant identification for all!
Belvo also mentioned that they have opened their Merchant Identification field to “all their clients.” Now, any new transaction that your users make “will be enriched with the merchant logo, name, and the URL to their website,” the firm revealed
New data sources and coverage
Belvo further noted that they’re constantly expanding their range of products “to make sure you have all the best open finance data available.”
The company added that they’re thrilled to announce that their Investments Portfolios product is in open BETA. This is “a whole new category of financial data that’s been added to our data aggregation solutions.”
With their Investment Portfolios resource, you can “quickly get key information about your users’ fixed and variable investment portfolios to analyze their long-term deposits as well as investment funds.” the company added.
As noted in the update, Investment Portfolios is currently “only supported for long-term deposits and investments funds in Brazil.” The team confirmed that they’re “working hard to add support for other types of investment products soon.”
New banking institution
According to Belvo, “coverage is key – we know this.” That’s why their team is “constantly working on expanding the number of institutions we support to provide you with the best from the banking and gig institution worlds across Latin America.”
This month, they’re pleased to announce Itaucard (Brazil), “a credit card product, joins the Belvo family of retail banking Institutions in Brazil.”
The company added:
“We know that documentation is important, and that we need to communicate our changes as clearly as possible to ensure your development goes smoothly. As such, we’ve recently started a documentation changelog in our DevPortal. Now, every two weeks, we’ll include a detailed list of the changes we make to our documentation and API.”