This initiative aims to help individuals outside the banking system gain access to credit products.
Belvo, a leading open finance platform in Latin America, facilitates secure data sharing with user consent, enabling financial institutions to offer improved financial services. Their platform verifies employment data reported to the Mexican Social Security Institute (IMSS), allowing fintechs and financial institutions to process financial data and initiate payments directly from users’ accounts. This innovation creates more efficient, secure, and inclusive financial products.
With Belvo’s support, Citibanamex can extend credit to users without a credit history by considering various factors like credit applications, outstanding debts, and economic activity, improving operational efficiency and reducing the need for physical documents.
“We continuously seek financial inclusion solutions to provide banking products to those underserved by current offerings,” said Miguel Lavalle, Director of Digital Business Development at Citibanamex. Federica Gregorini, General Manager of Belvo in Mexico, expressed excitement about the partnership, emphasizing its role in creating more efficient and inclusive financial experiences. This collaboration aims to reduce the access gap to financial services, positively impacting the quality of life for many Mexicans.
