Fabrick, a pioneer in Open Finance and Banking-as-a-Service, has entered into a strategic partnership with TerraPay, a leader in global money movement.
Based in Italy and extending its influence across Spain and the United Kingdom, Fabrick has made significant strides in the digital payments sector, especially following its recent acquisition of finAPI. This acquisition has allowed Fabrick to venture into the DACH region, marking a crucial step in its expansion strategy.
The collaboration is set to revolutionize the Italian market initially, providing businesses with a unified platform that enhances payment processes, reduces operational costs, and complies with stringent regulatory frameworks.
TerraPay’s robust network, which spans over 7.5 billion bank accounts and 2.4 billion digital wallets across 145 countries, complements Fabrick’s innovative platform. This synergy aims to streamline payment processes, bolster security, and improve customer experiences for financial institutions and businesses.
The partnership is driven by a shared commitment to innovation and excellence in the FinTech sector. Both companies bring distinct yet complementary expertise to the table. TerraPay, regulated by the FCA, the Bank of Italy, and in 30 other jurisdictions, excels in international anti-money laundering (AML) and fraud prevention regulations. Meanwhile, Fabrick offers in-depth knowledge of compliance standards within Italy and the broader EU.
As part of this partnership, TerraPay will join the Fintech District, a Fabrick-led ecosystem that aggregates over 300 FinTech and techfin companies. This membership will enable TerraPay to tap into advanced payment solutions and keep pace with emerging trends, further enhancing its offerings in the European market.
Paolo Zaccardi, CEO and co-founder of Fabrick, emphasized the strategic significance of the collaboration: “We are delighted to announce our partnership with TerraPay, providing us with a gateway to the world’s most extensive cross-border payments network. By integrating TerraPay’s vast global reach with our innovative solutions, we not only enhance our service offerings but also reinforce Fabrick’s broader strategy of global expansion.
“This move therefore signifies an important step forward in consolidating our presence in key international markets, enabling us to deliver a comprehensive suite of payment services tailored to the rapidly evolving needs of the financial services sector worldwide, enabling businesses internationally to navigate the complexities of cross-border payments with greater efficiency and security”.
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