BBVA reaches an agreement with Minsait Payments to boost financial aggregation service
BBVA in Spain has announced a new strategic partnership with Afterbanks Arcopay, part of Minsait Payments, with the aim of expanding its range of services in the field of financial aggregation, which BBVA launched for its customers in 2021.
In a market where 84% of Spaniards already carry out their financial transactions online, according to a recent study by Mastercard, online banking has become a central channel for day-to-day financial management. This has led financial institutions to look for specialised providers to help them integrate innovative technology into their systems to develop new products and services to meet changing customer needs.
In particular, BBVA in Spain, which has a strong commitment to innovation and the digitisation of its services, with pioneering tools such as the "Financial Aggregator", which allows its customers to consult information from all its banks at a glance: the status of their accounts, their cards, as well as the rest of their financial products.
With the financial aggregator, customers save time in their day-to-day business by being able to operate with their other banks from the same place. In addition, they can see everything easily, conveniently and quickly so that they do not miss any details of their BBVA accounts and their aggregated accounts from other banks.
Afterbanks Arcopay
Afterbanks Arcopay is promoting its product to continue growing in the market, presenting itself as a leader in both Europe and Latin America. From the focus of Open Business technology, it offers not only transactional account data, but also information on financial products, account verification, connections with government entities, utilities and more, without leaving aside the Payment Initiation service (Account-to-Account).
Through a single integration with its platform, its customers can develop a wide range of solutions that bring value to their own customers. This collaboration with BBVA Spain reinforces its commitment to strengthen the relationship of end customers with the bank through its cutting-edge technology.
Afterbanks Arcopay is a Spanish Fintech regulated by the Bank of Spain as a Payment Institution and authorised to operate in the rest of Europe. It is a company specialised in enabling Open Finance technology to clients from various sectors, allowing them to develop new business cases or improve existing ones. It is a technology provider that enables Financial Aggregation and Payment Initiation (Account-to-Account payments) connecting with different entities in Europe and Latin America. In 2019, the company was acquired by Minsait (an Indra company), in order to accelerate in the open banking business, thus becoming part of its payments subsidiary Minsait Payments.