{"id":70053,"title":"Palomma 🕊️ - Frictionless Pay by Bank for LatAm","tagline":"Frictionless Pay by Bank for LatAm! ","body":"**TLDR**\n\n[Palomma](https://www.palomma.com/) helps online merchants and apps in LatAm save 70-80% on card processing fees and increase conversions, by enabling frictionless Pay by Bank for their customers (consumers and/or businesses).\n\n**The problem**\n\n1. Receiving card payments is expensive for merchants, it costs them between 2 to 5% per transaction\n2. Receiving the cheaper alternative, Pay by Bank, poses several frictions:\n   1. **Low conversion:** multiple steps are required to checkout via existing Pay by Bank solutions, resulting in a \\~40% failure rate\n   2. **Non-recurrent:** different from cards, existing Pay by Bank alternatives are hard to enable for recurring payments, requiring complex direct integrations with local banks\n   3. **Confirmation:** confirming a bank payment requires checking bank accounts in real-time, or trusting the proof of confirmation sent by the customer (fraud-prone)\n   4. **Reconciliation:** existing Pay by Bank data is cryptic: i.e., “68068407595”, making reconciliation difficult\n\n**The solution:**\n\nA single API and platform that allows online merchants or apps across LatAm (starting with Colombia) to receive frictionless Pay by Bank payments\n\n1. **Higher conversion:** 30-40% more conversion with frictionless Pay by Bank\n2. **Recurrent:** easily enable recurrent Pay by Bank payments\n3. **Confirmation:** allow your employees to instantly confirm bank payments via our dashboard and WhatsApp / email notifications\n4. **Easy reconciliation:** clearly identify each Pay by Bank payment in our dashboard\n\n![uploaded image](/media/?type=post\u0026id=70053\u0026key=user_uploads/981886/c6212d2c-0c67-4542-a1d7-0e4973f1567d)\n\n_PD: we´re also working on frictionless cash-out bank payments through our API \u0026 platform ;) 🔜_\n\n**Why are we building this?**\n\nDuring his time at Nubank, [Cipriano](https://www.linkedin.com/in/cipriano-echavarria-3729a9105/) personally saw the pain experienced by online merchants and apps with high card processing fees, and the friction around the cheaper, Pay by Bank alternatives.\\\n\\\nWith [Pipe](https://www.linkedin.com/in/felipemon/) \u0026 [Nico](https://www.linkedin.com/in/ngomezdelcampo/)´s tech, we´re changing that 🕊️\n\n**The ask:**\n\n1. If you’re an online merchant or app in LatAm looking to save on card processing fees, \u0026 receive Pay by Bank in a frictionless way, contact us: [cipriano@palomma.com](mailto:cipriano@palomma.com), or **\\+573146450404**\n2. Connect us to online merchants or apps in LatAm: [cipriano@palomma.com](mailto:cipriano@palomma.com), or **\\+573146450404**\n\n**YC deal:**\n\n1. **No fee:** 0$ in fees for the first 5000 transactions through Palomma for YC companies (or referrals of YC companies)","slug":"IDt-palomma-frictionless-pay-by-bank-for-latam","created_at":"2023-03-08T18:59:35.984Z","updated_at":"2026-05-24T22:43:08.829Z","total_vote_count":32,"url":"https://www.ycombinator.com/launches/IDt-palomma-frictionless-pay-by-bank-for-latam","share_image_url":"//bookface-static.ycombinator.com/assets/ycdc/yc-og-image-c440a0ad1dacfb86eeeb343717479cc54d256614449b4ef719977a0a451f8bc8.png","company":{"id":27714,"name":"Palomma","slug":"palomma","url":"http://www.palomma.com/","logo":"https://bookface-images.s3.amazonaws.com/small_logos/6efa2d71f0a1a589e982662a2f6c1a1eab9c259b.png","batch":"Winter 2023","industry":"Real Estate and Construction","tags":["SaaS","Payments","Finance","B2B","AI"],"search_path":"https://bookface.ycombinator.com/company/27714"}}