Belvo, Latin America’s leading open finance platform, and J.P. Morgan Payments, a global payments leader, have entered a strategic collaboration to improve recurring payment processes for businesses in Mexico.
The partnership aims to deliver an automated and efficient solution for managing recurring payments through direct debit according to FF News.
This payment method is vital for businesses seeking to streamline their financial operations, enhance customer retention, and improve the user experience.
Belvo specialises in open finance technology, providing advanced tools and seamless integration that enable businesses to automate collections and simplify payments for end users.
Joining the J.P. Morgan Payments Partner Network, Belvo now contributes to an ecosystem of third-party applications designed to offer end-to-end payment experiences and support faster business growth.
J.P. Morgan Payments, a global powerhouse in payments and treasury services, processes nearly $10 trillion in payments daily across over 160 countries and 120 currencies.
With capabilities spanning treasury services, trade and working capital, card services, and merchant services, the company provides comprehensive payment solutions for businesses worldwide.
This collaboration will benefit industries such as utilities, subscription services, insurance, lending, and automotive by automating recurring collections.
Direct debit reduces manual intervention, minimising errors and ensuring timely payments, thereby improving liquidity for businesses.
In 2023, J.P. Morgan Payments reported $18.3bn in revenue, up 31% from $14bn in 2022, excluding equity investments. The company’s robust infrastructure supports its commitment to enhancing payment solutions for global businesses.
Federica Gregorini, general manager of Belvo in Mexico, said, “This alliance with J.P. 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.”
Francisco Molina Viamonte, head of Mexico for J.P. 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.”
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