Belvo and J.P. Morgan Payments Launch Strategic Partnership to Transform Mexico’s Recurring Payments Landscape

In a significant development for Mexico’s financial technology sector, Belvo, Latin America’s leading open finance platform, has joined forces with J.P. Morgan Payments to revolutionize the recurring payments ecosystem in Mexico. The collaboration, announced today, aims to streamline direct debit processes and enhance payment automation for businesses across various sectors.

The partnership comes at a strategic time when J.P. Morgan has reported substantial growth, with its payments division generating $18.3 billion in revenue in 2023, marking a 31 percent increase from the previous year. This collaboration positions both companies to capitalize on Mexico’s evolving financial services landscape while addressing the growing demand for efficient payment solutions.

Under this new initiative, businesses in sectors such as utilities, subscription services, insurance, lending, and automotive will benefit from automated recurring collections. The solution eliminates the need for manual payments, reducing errors and ensuring timely transactions, which ultimately improves companies’ liquidity management.

Federica Gregorini, General Manager of Belvo in Mexico, emphasized the significance of this partnership, noting that it represents a milestone for both Belvo and Mexico’s financial ecosystem. The collaboration is expected to make recurring payment automation more accessible to businesses of all sizes, leveraging Belvo’s advanced technology and seamless integration capabilities.

This strategic move builds upon Belvo’s recent expansion efforts across Latin America. The company has already established a strong presence in the region, working with more than 150 financial institutions across Brazil, Mexico, and Colombia. Notably, Belvo has secured necessary regulatory approvals, including an IFPE license under Mexico’s Fintech Law.

Francisco Molina Viamonte, head of Mexico for J.P. Morgan Payments, highlighted the partnership’s potential to provide clients with a best-in-class direct debit solution. The enhanced service will offer higher transaction success rates, new features such as partial debit payments, and more efficient settlement processes.

J.P. Morgan Payments brings substantial resources to this partnership, processing nearly $10 trillion in payments daily and operating in over 160 countries with capabilities in more than 120 currencies. This extensive global network, combined with Belvo’s regional expertise and technological infrastructure, creates a powerful synergy for advancing payment solutions in Mexico.

The collaboration arrives as Mexico’s financial sector continues to embrace digital transformation, with businesses increasingly seeking efficient ways to manage recurring payments. This partnership addresses these evolving needs while positioning both companies at the forefront of payment innovation in Latin America.