Afterbanks, the fintech firm that allows users to retrieve and aggregate data from different banks in real-time via an API, has introduced its products and services in Mexico.
Afterbanks’ platform has been used to conduct instant and secure payments in Europe and Latin America.
Afterbanks is a subsidiary of Minsait, an Indra company. The company has acquired the appropriate European licenses needed to offer services in the financial services sector. It also complies with Mexico’s Fintech law. Afterbanks mainly focuses on aggregating bank data and initiating payments.
Óscar Díez, MD of Indra Mexico, stated:
“Afterbanks’ arrival in Mexico [should support] the advancement of Minsait in the bank aggregation business. [It will also support] the bank data intelligence [business] and innovation in the financial services [sector] …Afterbanks complements our capabilities and offer for the financial sector.”
Afterbanks’ services are designed to enhance financial data aggregation processes. They also help users categorize financial information related to bank accounts. The company assists different financial services providers with verifying certain information about customers. Additionally, the company offers solutions to improve risk management models which helps businesses with streamlining their operations. Afterbanks’ clients include digital or online lenders, established banks, insurance companies, and Fintech firms.
David Lozano, CEO at Afterbanks, remarked:
“The leap to Mexico [seems like] a natural step given the presence of Minsait and Indra in Mexico; we see in Mexico a market [that’s] highly attractive [because of] the hundreds of credit institutions [that] we can help [by] digitizing their [business] processes, end-to-end.”
Afterbanks claims more than 80 clients worldwide. It now has business offices based in Mexico, Spain and the UK. Afterbanks allows its clients to connect with more than a hundred banking institutions, including those that are headquartered in Spain. Afterbanks also works with financial institutions in Mexico, including Banco Santander, BBVA-Bancoer, Citibanamex, HSBC, among others.
“This is the first step towards a deeper penetration in the Mexican and Latin American markets, where besides the bank data and non-data account aggregation such as utilities data, we plan on enabling invisible payments in a completely safe way as an alternative to the current [payment] systems.”