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Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

news.ycombinator.com

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Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#11

Post by alvis »

Having been working on open banking for the past 12 months, I can see a lot of similarity and potential here. If I'm correct, you're trying to be true layer for Latin America.

Now question time, maybe a bit harsh but you need to think about it.

1. simple one, where is the user authentication flow?

2. the harsh one: as the same problem in OB, just curious what's your thought about building the trust between a third party (TPP or your client in your case) and the end-users? You know in the UK, even OB is relatively mature, you don't see many people willing to login to their bank account via a third party app, even though we all know it's very safe in the technological point of view. But trust is not something you can simply build with technology.

Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#13

Post by viguerapablo »

toomuchtodo wrote: post #12

Is this a duplicate launch post? I seem to recall this posted previously within the last 72 hours, but that thread has disappeared (I had favorited it, but is no longer in my favorites).

We did post this originally 24h ago but took it down a few minutes later to refine it and post again today. This should be the good post. Cheers!

Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#14

Post by viguerapablo »

alvis wrote: post #11

Having been working on open banking for the past 12 months, I can see a lot of similarity and potential here. If I'm correct, you're trying to be true layer for Latin America. Now question time, maybe a bit harsh but you need to think about it. 1. simple one, where is the user authentication flow? 2. the harsh one: as the same problem in OB, just curious what's your thought about building the trust between a third pa…

Similar to TrueLayer yes, more tailored to the local market in terms of bancarisation % and status of open banking regulation (not existent).

Maybe this helps to understand our authentication flow --> https://developers.belvo.co/docs/connect-widget

I totally agree with you. Trust is key. We work hand-in-hand with our partners to build this and educate the market as we grow. In general, all of our products, widgets, sdks, etc. are delivered completely white-label so that we can leverage the trust already existing between end-user and the fintech he/she is interacting with. We're also working with the regulator and other stakeholders to build and drive the education towards open banking for the market as a whole. It's a very long-term process :)

Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#16

Post by toomuchtodo »

viguerapablo wrote: post #13
toomuchtodo wrote: post #12

Is this a duplicate launch post? I seem to recall this posted previously within the last 72 hours, but that thread has disappeared (I had favorited it, but is no longer in my favorites).

We did post this originally 24h ago but took it down a few minutes later to refine it and post again today. This should be the good post. Cheers!

No worries, favorited again! Looking forward to using your product.

Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#17

Post by ampdepolymerase »

notdang wrote: post #4

That's a big no-no: > The connection to bank institutions are made using the bank websites. When using Belvo, customers would need to user their website bank credentials, not the mobile ones if different.

This is literally how every banking API works. There are not many options aside from screenscraping.

Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#19

Post by viguerapablo »

ceeker wrote: post #18

Congrats on the launch. Your API looks very clean. Do you support NuBank in addition to the big banks? I have heard NuBank has pretty aggressive anti-scraping approaches. Not sure if you support them or plan to in the near future.

Thanks! We don't yet support NuBank, but it's on the list for sure - both for Mexico (where it launched a month ago) and for Brazil (where we'll look to expand soon). We do plan on adding neobanks and other financial data sources to our API though. Although we typically work in a "data source agnostic" way, we also spend time building up relationships and looking to get directly connected via partnerships.

Re: Launch HN: Belvo (YC W20) – Financial Data API Platform for Latin America

#20

Post by ffumarola »

alvis wrote: post #11

Having been working on open banking for the past 12 months, I can see a lot of similarity and potential here. If I'm correct, you're trying to be true layer for Latin America. Now question time, maybe a bit harsh but you need to think about it. 1. simple one, where is the user authentication flow? 2. the harsh one: as the same problem in OB, just curious what's your thought about building the trust between a third pa…

Conversely, Plaid has been pretty successful here.
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