Payment intermediaries seek to collaborate with regulated entities

Intermediaries and payment processors point to collaboration with financial technology (fintech) that have already been authorized by the National Banking and Securities Commission, which can be said to already operate under the Law to Regulate Financial Technology Institutions, also known as such as the Fintech Law, a regulation that regulates two types of entities.

“Intermediaries that facilitate online payment enablement, such as electronic transfers, as well as credit or debit card transactions seek to work with regulated entities,” they mentioned during a webinar organized by payment processing firm Paymentology.

“In Mexico, the fintech regulation is quite clear regarding the companies that must operate with a license, so in the country we seek to work as payment intermediaries, with firms, that have the authorization to carry out operations with public resources” , commented Alejandro del Río, Regional Director for Latin America at Paymentology.

According to information from Finnovista’s radar, of the fintech surveyed, 60% operate under regulated schemes, but of this universe only 10% were authorized as Electronic Payment Funds (IFPE) and Collective Financing Institutions (IFC) and 12% were in the process of being authorized.

Currently there are 55 firms that are regulated and operate under the provisions of the Fintech law, of which 21 are IFC and 34 are IFPE.

Regarding virtual assets, the Fintech Law only recognizes the means of payment, that is, the digital units used as a means of payment without being legal tender.

In this context, Adrián Ramírez, regional advisory director of the payment processing firm, highlighted the importance of collaborations with regulated entities complying with the requirements requested by the authority to provide the necessary security to user information.

“By collaborating with fintech in the country, we seek payment platforms to comply with standards requested by regulators such as the National Banking and Securities Commission, which are provided for in the regulation,” said Ramírez.

Customer information

As for the signatures that enable payment transactions, they seek that security protocols are key so that the information generated by users through the transactions they carry out through financial institutions is not violated.

“By receiving all this transactional information, we can begin to profile the behavior by user and also group them,” Ramírez said.

He pointed out that the information available has different purposes, such as being processed by Artificial Intelligence to predict user behavior and identify whether the transactions are legitimate.

sebastian.estrada@eleconomista.mx