Newt Corporation, an integrated platform for digital financial services, announced that it has entered into a service agreement with Belvo Open Banking API Platform to service its lending-as-a-service (LaaS) offering across North America.
Under the terms of the Agreement, Belvo offers Newt with a tech integration software for bank data aggregation, “an access to standardized transactional data from individuals and bank accounts, as well as the ability to retrieve account holder information.”
With this integration, Newt will aim to “boost its risk assessment and underwriting capabilities with faster and higher-quality data.”
Newt’s system handles real-time data “to simplify accounting and reconciliation procedures for regulatory compliance and settlement functions, further simplifying onboarding for new clients by accessing real-time financial data during verification processes.”
Sergio Maya Aleman, Newt’s Latin American CEO, stated:
“This is an exciting collaboration for Newt as we continue to integrate top-of-the-line control systems into our new lending processes. Compliance and transparency with all of our business verticals is paramount, and Belvo’s platform enables us to have vital reconciliation capabilities. The integration process with Belvo has been highly efficient, and we are confident that this partnership will provide better financial services to our clients across North America.”
Pablo Viguera, Co-CEO of Belvo, added:
“We are very pleased with this new collaboration. For us it is crucial to be the enabler of financial innovations in Latin America, and we are confident that Open Banking will be a vital tool to provide better financial services in this region.”
As noted in a release, Newt Corporation is a virtual payment and financial services platform enabling enterprises to “serve the large underbanked population in the Americas with digital financial products and services and access to credit.”
Newt offer “a fairer, faster, accessible ecosystem that fills the credit accessibility gap and reshapes the way businesses and consumers save, move money and conduct commerce.”
As covered, Belvo is the Open Finance API platform in Latin America, established in May 2019 by Pablo Viguera and Oriol Tintoré. The firm enables Fintechs and innovative financial institutions to “access and interpret their users’ financial data to create more modern, accessible, and inclusive products.”