Belvo collaborates with JP Morgan Payments for recurring payments in Mexico

Latin American Open Finance platform Belvo has teamed up with JP Morgan Payments to take recurring payment automation “to the next level” in Mexico.

The aim of the collaboration is to provide businesses across a range of sectors with an “automated and efficient solution” for managing recurring payments through direct debit, improving both the user experience and customer retention.

Belvo’s advanced technology and integration offering enable it to automate these collections and “facilitate the process”, both for businesses and end users.

As a result of the collaboration, Belvo will join the JP Morgan Payments Partner Network, which delivers end-to-end payment experiences via an ecosystem of third-party applications that can help businesses grow.

Industries such as utilities, subscription services, insurance, lending and automotive are among those that will benefit from the ability to automate their recurring collections, and in doing so, reduce the likelihood of errors made manually, and ensuring payments are made on time.

Federica Gregorini, general manager of Belvo in Mexico, said: “This alliance with JP Morgan Payments is a milestone for Belvo and the financial ecosystem in Mexico.

“Direct debit offers a modern and efficient solution that not only improves companies’ operational processes, but also makes life easier for users. With this collaboration, we are taking recurring payment automation to the next level, making it more accessible for all types of businesses.”

Belvo’s platform provides connections to more than 140 financial institutions, alternative financial data sources, and account-to-account payment rails across Brazil and Mexico, working with banks and fintechs in the region.

Francisco Molina Viamonte, head of Mexico for JP Morgan Payments, added: “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.”

JP Morgan Payments combines treasury services, trade and working capital, card and merchant services capabilities to help clients pay customers or employees in different currencies, globally.

Last year, Belvo formed a partnership with financial services group Citibanamex to help individuals in Mexico outside the financial system to get better access to credit.

Main image L-R: Ángel González, head of Mexico payments product at JP Morgan Payments, Federica Gregorini, general manager of Belvo in Mexico, and Francisco Molina Viamonte, head of JP Morgan Payments in Mexico