We’ve created a guide to help financial innovators understand how they can build applications on top of our Open Finance API platform while following the best security and privacy practices.
At Belvo, we know that security is the key to the success of Open Finance.
That’s why we have created a series of technological tools that allow users to safely share their financial data with our clients so they can build more innovative and secure financial experiences.
We also follow the most recognized and widely used bank-grade standards, and adhere to and comply with the most strict international privacy, security, and regulatory best practices, including ISO 27001. We have a leading team in the research and development of advanced cryptography and cybersecurity techniques.
Now, we’ve created this guide to explain how the flow that takes place to connect users’ financial accounts with a platform through Belvo works, step by step, and how security is part of each part of the process, end-to-end.
How financial data is protected
Belvo works as an intermediary that facilitates the connection and secure transmission of data between a company, its users, and the financial institution where they host their financial information.
Once you have implemented Belvo, your users will be able to connect their accounts from banks, tax entities, or platforms such as Uber or Rappi to your application in a matter of seconds.
To create this connection, your users have to share their credentials through your application with the Belvo API. We encrypt and store these credentials securely and use them to access the account in read-only mode.
Once that this secure connection is created between your application and your user’s institution account through Belvo, you will be able to automatically receive updated financial information that is relevant to your business model. This includes data about their accounts, real-time balance, transaction information, invoices, income, etc.