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Prometeo Launches Bank Account Validation Offering for US Market

bank account validation

Latin American FinTech Prometeo has launched its Bank Account Validation (BAV) offering for the U.S. market.

This offering enables Latin American businesses to connect with all U.S. banks via one integration with a single provider and application programming interface (API), the company said in a Tuesday (June 18) press release.

Prometeo’s BAV is already available in seven Latin American countries and includes 100% coverage of banks in Mexico and Brazil, according to the release.

“The addition of the U.S. market to our robust bank account validation coverage in LatAm is a major milestone for Prometeo, and underscores our ongoing commitment to developing the infrastructure needed for global financial connectivity,” Ximena Aleman, co-founder and co-CEO of Prometeo, said in the release.

One of the use cases served by Prometeo’s BAV is fraud prevention and error prevention in bank transfers, according to the release. By verifying the authenticity and accuracy of U.S. bank accounts, the solution reduces the risk of fraud from phishing and account manipulation, reduces administrative costs and prevents reputational damage from delayed payments.

For companies that often execute mass transactions, BAV helps with payment automation by ensuring that funds are sent to the correct accounts, the release said.

Other use cases served by BAV include anti-money laundering (AML) and know your customer (KYC), customer onboarding and payment method integration, per the release.

“By standardizing response structures across different regions, optimizing cost and time efficiencies, and fostering agility in market expansion, this launch strengthens our expertise in addressing the infrastructure and regulatory hurdles linked with cross-border financial integration,” Aleman said in the release.

By offering a single point of data access and a single API, Prometeo is unifying far-flung markets and acting as a tech enabler for financial companies, Aleman told PYMNTS’ Karen Webster in an interview posted in January.

“What we’re providing is versatile, comprehensive infrastructure that our customers can use in multiple countries at the same time,” Aleman said.

To continue expanding its multi-banking data and payments offerings, Prometeo raised $13 million in Series A funding in January.

At that time, the company’s platform enabled clients to access bank information and payments from more than 283 financial institutions in 10 Latin American countries.