2innovate is a global pioneer company in software for banking and digital transactions. Currently, it operates in 12 countries and plans to continue expanding in the region.
The company was founded in 2016, is headquartered in Montevideo and has commercial offices in Buenos Aires, Mexico City and Miami. 2innovate has more than 24 customers and each one presents unique challenges. However, there is one factor that is repeated in each country and that is that “all of Latin America has been enriched by the growth of fintechs.
In addition, traditional banks are making major digital transformations so as not to be left behind in their product and service offerings,” explained Pablo Pereyra Portugal, Chief Revenue Officer.
With more than 25 years of experience in the sector, the CRO added that “society demands a new role from banks. Gone is the view where banking was perceived as a safe place to deposit savings. It requires immediacy, connectivity, and simple solutions. On the other hand, banks urgently need to innovate their business model. These trends generate a new paradigm that transforms the industry.”
A New Kind of Banking
In March of this year, 2innovate launched the new Frame Banking™ platform that enables institutions to respond “with agility to changing market demands, leverage cutting-edge technologies, and improve solution integration.
This not only reduces costs, but also allows them to provide more personalized and appropriate experiences to their customers, giving financial institutions a competitive advantage in an ever-evolving financial environment,” the CRO explained. “Frame Banking™ allows us to position the transaction as a great enabler of new business models, generating new payment ecosystems that allow us to leverage innovation, through a SaaS platform, native to the cloud, that operates online, fully implemented, allows us to launch transactional services in weeks. Our platform allows us to innovate business models, placing the transaction at the center, create transactional ecosystems, and improve operational efficiency and security. This allows financial institutions to adapt quickly, offer innovative digital solutions, and comply with regulations without complications,” he added.
To illustrate in a simple way how the new platform works, the CRO likened it to a set of LEGO blocks®. “Each piece or block represents a distinct component of a banking system. Let’s imagine a financial institution that already has a structure built with these blocks representing its current system, and let’s say it decides to offer a new feature through mobile banking. Instead of dismantling the entire structure and building it again through developments, with Frame Banking, you simply make the functionality available through an API (Application Programming Interface) so that it can be deployed in the bank’s mobile banking™, without affecting the other pieces that were already in place. Financial institutions can add, remove, or replace blocks as required, without the need to undo everything they already have built.
The Expansion
The next challenge that Pereyra Portugal posed as key for the company is “continuous expansion into new markets and constant adaptation to changing technological and regulatory demands in the financial industry. We are currently in the process of expanding into additional regions, and we continue to diversify our products as well as constantly innovate to stay at the forefront of next-generation banking solutions.”