Newt signs Open banking service agreement with Belvo
Newt Corporation (“Newt” or the “Company”), an integrated platform for digital financial services, today announced that it has entered into a service agreement (the “Agreement”) with Belvo (“Belvo”) Open Banking API Platform to service its lending-as-a-service (“LaaS”) offering across North America.
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Under the terms of the Agreement, Belvo provides Newt with a technical 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 boost its risk assessment and underwriting capabilities with faster and higher-quality data.
Newt’s system processes 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.
“This is an exciting collaboration for Newt as we continue to integrate top-of-the-line control systems into our new lending processes,” said Sergio Maya Aleman, Newt’s Latin American CEO. “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, stated: “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.”