Venezuelan banking faces the biggest challenges in innovation developments in an environment that constantly redirects strategies for the best and greatest provision of financial services.

The term Open Banking refers to a business model that encompasses the systematization and exchange of data in the financial ecosystem. It is commonly developed through the use of application programming interfaces (APIs) as pillars of digital transformation, their integration with new actors in service provision and the end user as the central axis of innovation in the financial system.

Banco Plaza, Banco Universal is a financial institution with great strength in Venezuela, recognized in 2018 as the fastest growing private bank in the country and one of its main competitors in the services offered by private banking, thanks to its strategy focused on customer, innovation and its openness towards the development of new business models.

For its part, the Venezuelan Association of Fintech and New Technologies – Fintech Venezuela –, established in Venezuela since 2018, has oriented its efforts from the development of collaboration and integration schemes between the different actors of the Fintech ecosystem and their approach to the end user through training and teamwork, consolidating its efforts beyond our borders. Today it has + 400 members and specialized Chapters of Open Banking, Payment methods and Training. In addition to being a member of AFI (Latin American Fintech Alliance) and recently became a Provider of the Amazon Web Services AWS Activate program. Offering its members the possibility to request the AWS Activate Portfolio package with the Association ID to obtain credits in the AWS cloud.

This alliance has allowed the creation of new business lines that have resulted in the support of a project proposed by the Fintech Society of Venezuela “Fintech Venezuela”, called INTERFINTECH, in which thanks to the use of the technological platform provided by the company Ab4cus Tecnología Fintech companies will be able to connect with each other and connect with the services of Banco Plaza, thus generating the first Inter Fintech payment system in Latin America.

“Without a doubt, we continue to show that in Venezuela we have the talent and desire to continue building the country we want, from action, teamwork and collaboration,” said María Elena Machado, founder and executive director of the Venezuelan Fintech Society and New Technologies.

M.Pino

With information from the Venezuelan Society of Fintech and New Technologies

La entrada Innovative Inter Fintech and Open Banking project apareció primero en Bitfinance.