Afterbanks, Indra's fintech that offers alternative instant payment methods and real-time banking data to make credit decisions, lands in Latin America. On October 29th, the Minsait subsidiary began operating in Mexico, where it has established its first office in the region.
Afterbanks allows retrieving and aggregating data from different banks in real time through an API and also allows initiating payments in an instantaneous and completely safe way in both Europe and LATAM.
"The arrival in the Mexican market marks the beginning of our expansion in the region," comments David Lozano, CEO of Afterbanks, who says that dozens of banks have already integrated throughout Latin America, both for individuals and companies. "We have started with those with the largest market share, but the medium-term ambition is to integrate all banks into our API," he adds.
It is a smart move to start with Mexico, since, according to the CEO, this country is by nature the gateway to the Latin American market due to “its significant population, the penetration of the internet and smartphones, and the leadership it has already achieved in terms of the FinTech sector. Today, in Mexico, there are more than a hundred FinTech focused on financing, and neobanks, which could adopt our technology immediately. Furthermore, it is the first country in the region to have approved a FinTech law. (…) The leap to Mexico has been certainly a natural step given the presence of Minsait and Indra in Mexico”.
Afterbanks will initially offer the identification of ownership and the recovery and categorization of bank data for credit scoring. Subsequently, taking advantage of the capabilities of Minsait-Indra and their own technology, they will offer their payment initiation service without needing a card, using a simple electronic link between individuals -and between individuals and businesses- to make a payment.
This service simplifies the existing payment model and enables banks and non-banks to offer, with the prior consent of the client, direct access to their accounts through their online banking so that they can pay for their purchases through the internet or at the point of sale itself without using any other means of payment other than their own checking account.
Afterbanks, acquired by Indra in 2019, has more than 80 clients internationally and offices in Mexico, Spain and the United Kingdom. They offer current connections with over a hundred banks, including all those that operate in Spain, and those with the highest coverage in Mexico, like BBVA, Citibanamex, HSBC, Banorte, Banco Santander, BanCoppel, Scotiabank and Banco Azteca.
After Mexico, Indra's FinTech will head to Colombia, Brazil, Chile and Argentina, countries also with a strong dynamism in their FinTech ecosystems, which means that this is the first step towards a deeper penetration into the Latin American market, a region where digital banking is rising exponentially every day.
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