BBVA Spain reaches an agreement with Minsait Payments to promote the financial aggregation service

MADRID, 23 Abr.

BBVA Spain reaches an agreement with Minsait Payments to promote the financial aggregation service


BBVA Spain has announced a new strategic collaboration with Afterbanks Arcopay, belonging to Minsait Payments, with the aim of expanding its service offering within the field of financial aggregation, which the bank launched for its clients in 2021, as reported. Minsait Payments through a statement.

The firms explain that 84% of Spanish companies already carry out their financial operations online, according to a recent study by Mastercard, which has led financial institutions to look for specialized providers to help them integrate innovative technology into their systems to develop new products and services and satisfy new customer needs.

In particular, BBVA Spain already has tools in its application such as the 'financial aggregator', which allows its clients to consult the information of all their banks: status of their accounts, their cards, as well as the rest of their financial products.

Thus, Afterbanks Arcopay is promoting its product, which offers, with 'open business' technology, transactional account data, information on financial products, account verification, connections with government entities, utilities and more, also including the Payment Initiation service (Account-to-Account).

"Through a single integration with our platform, our clients can develop a wide range of solutions that add value to their own clients. This collaboration with BBVA Spain reinforces our commitment to strengthening the relationship of end clients with the banking entity through of our cutting-edge technology," says Minsait Payments.

Afterbanks Arcopay is a Spanish fintech regulated by the Bank of Spain as a payment entity and authorized to operate in the rest of Europe. It is a company specialized in enabling 'open finance' technology to clients from various sectors, allowing them to develop new business cases or improve existing ones.

It is a technology provider that allows financial aggregation and payment initiation (Account-to-Account payments) connecting with different entities in Europe and Latin America.

In 2019, the company was acquired by Minsait (an Indra company), in order to accelerate the open banking business, thus forming part of its payments subsidiary Minsait Payments.