BBVA, the best bank in the world for its open banking services, according to Global Finance
BBVA was recognized by Global Finance as the bank with the best open banking services for companies globally. This award joins 12 other accolades that the prestigious magazine has presented to the bank this year. On a global level, the awards for the best bank for corporate clients, and the award recognizing BBVA’s AI Factory as one of the best financial innovation laboratories stand out. By country, Spain was recognized as having the best sustainable finance and is considered the most innovative bank for companies, and Peru received the award for the best bank for SMEs.
BBVA’s open banking services, recognized by Global Finance, include over 40 API-based financial solutions, designed to embed digital financial products and services in companies’ technological ecosystems and applications. BBVA’s APIs meet the wide range of financial needs of both clients and partners - from being able to optimize company cash flow in real time to facilitating the integration of financial solutions into third-party platforms (so-called embedded finance), thus enhancing user experience and facilitating financial transactions outside of traditional banking channels. These transactions include flexible payment options in ecommerce and tools to analyze mortgages, as well as signing up for home insurance online on third-party platforms.
Some of BBVA’s most notable launches include its pioneering verification of account ownership in real time, which allows companies to validate whether or not a person or company is the holder of a bank account at BBVA or other banks in the Iberpay network in a matter of seconds. This solution not only prevents errors, it also helps combat fraud. Another recent launch is the first vehicle financing solution in the Spanish banking sector, designed to streamline the financing process when purchasing a vehicle, from simulation to the contract, directly on dealership websites.
BBVA’s reconciliation API is another example that helps companies match their bank account activity with their accounting. The bank recently reached an agreement to partner with Vecttor for this subsidiary of the Cabify Group to integrate its API into its accounting system. This makes it possible to match the trips users pay for in cash, which drivers can deposit in any BBVA ATM using its express payment services.
Open banking strategies like BBVA’s represent an opportunity for financial institutions to differentiate their services and offer their corporate clients a significant added value. According to the Institute for Business Value at IBM, only 20 percent of banks offer embedded financial solutions, those designed to enhance digital user experience on platforms. Their recent study ‘Banking for small and medium enterprises’ also notes that these types of services can make a big difference in the relationships between SMEs and their banks.
Award-winning innovation strategy
In addition this award, Global Finance presented BBA with 12 other awards in 2024, thus recognizing its commitment to innovation. Globally, BBVA was selected as the best bank for corporate clients and for the third time, its AI Factory was included among the best financial innovation laboratories.
In Spain, the prestigious financial publication presented BBVA’s products and services for companies and SMEs with three awards: the most innovative bank, the best mobile banking app, and again, the best open banking strategy; as well as the best sustainable finance bank. BBVA was also named the best bank for green bonds in Latin America, the best bank for SMEs and treasury management in Peru, and the best trade finance bank in Uruguay.
In parallel, at its ’The Innovators’ Awards, Global Finance recognized BBVA’s cryptoasset service in Switzerland, and an AI-based automated process for early detection of debt.
