Bitso, the financial services and digital assets platform founded by Daniel Vogel, Pablo González and Ben Peters, announced an alliance with Belvo, the fintech of open finance founded by Pablo Viguera and Uri Tintoré.
Thanks to this integration, users will be able to authorize recurring charges from their bank accounts to add funds to their Bitso wallet. Thus, they will no longer need to make manual transfers every time they want to deposit resources.
The solution will also make it possible to automate savings and facilitate access to digital financial products. According to both companies, the goal is to turn recurring funding into a habit. In addition, they seek to reduce friction when moving money between bank accounts and wallets.
Beyond cryptocurrencies
For Bitso, this integration is part of a strategy to expand its value proposition. The company seeks to consolidate itself as a digital financial services platform, beyond the purchase, sale and safekeeping of digital assets.
In addition, he pointed out that automatic funding will make it easier for users to manage, save and invest from the same ecosystem. All of this will be supported by an integrated banking infrastructure.
“At Bitso we are building products that make it easier for people to use financial technology in their daily lives. With Direct Debit, we want the process of funding and maintaining resources within Bitso to be simpler, more constant and clearer for the user,” said Felipe Vallejo, general director of Bitso México.
The commitment to financial infrastructure
Belvo explained that its solution allows recurring payments to be processed from any Mexican bank through a single infrastructure. In this way, it prevents companies from having to negotiate individual integrations with each financial institution.
In addition to managing payment mandates, the platform incorporates account validation, reconciliation, retries and notifications functions.
The company considers that this collaboration reflects an evolution in the country’s payment infrastructure. In this context, mechanisms such as direct debit are beginning to enable new digital financial products, in addition to traditional collections.
“We are seeing a new stage for direct debit in Mexico. For years it was understood mainly as a tool to pay for services or recover credits; today it is beginning to enable digital products where recurrence, consent and user experience are central,” said Federica Gregorini, General Manager of Belvo in Mexico.
