Fabrick and TerraPay Forge Cross-Border Payments Partnership
Fabrick, the Open Finance operator headquartered in Milan, Italy, has announced a new partnership with TerraPay, a global payments infrastructure provider, designed to enhance cross-border payment services in Europe.
The collaboration marks a strategic step in Fabrick’s ongoing expansion beyond its established markets of Italy, Spain and the United Kingdom. It now aims to capitalise on its recent entrance into the DACH region through the acquisition of finAPI.
The details of the partnership
The partnership between the companies will focus on delivering a unified platform that integrates TerraPay’s extensive global payment network with Fabrick’s Banking-as-a-Service (BaaS) model. This platform will allow businesses to simplify payment processes, lower operational costs and ensure compliance with both local and international regulatory frameworks.
Paolo Zaccardi, CEO and co-founder of Fabrick, says: “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,”
What does TerraPay bring to the table?
TerraPay’s network, regulated by the Financial Conduct Authority (FCA) and 29 other jurisdictions, spans 144 countries and connects over 7.5 billion bank accounts, 12 billion cards and 2.4 billion mobile wallets.
By combining this infrastructure with Fabrick’s local expertise and solutions, the two companies aim to create a more secure and seamless payment experience for both businesses and financial institutions.
Streamlining cross-border payments
In the realm of financial services, regulatory compliance is king. On this front, both companies bring a wealth of expertise to the table. TerraPay, known for its robust anti-money laundering (AML) and fraud prevention protocols, aligns with Fabrick’s deep understanding of EU and Italian compliance standards.
The collaboration is positioned to address the growing regulatory complexities of cross-border payments, particularly in light of evolving European directives like PSD2, which continue to shape the fintech landscape.
A partnership to conquer the European market
For TerraPay, this partnership is a key move to expand its presence in Europe, a region that has seen rapid growth in digital and cross-border payment services.
Speaking about the collaboration, Ani Sane, Co-Founder and Chief Business Officer at TerraPay, says: “Our partnership with Fabrick marks a significant milestone in our efforts to expand our footprint in Europe. By combining our expertise in payment infrastructure with Fabrick’s innovative approach to banking services, we are poised to help Italian and European enterprises streamline the complexity of cross-border payments."
Fabrick’s ecosystem approach is another critical element of the partnership. As part of the agreement, TerraPay will join Fabrick’s Fintech District, a community of over 300 fintech companies. This will provide TerraPay access to a network that fosters collaboration and innovation, ensuring that both companies stay ahead of trends in the digital payments industry. The move also strengthens Fabrick’s position as a leading player in the European fintech sector.
Cross-border payments: A growing market
The cross-border payments market continues to grow as businesses increasingly seek more efficient, secure, and cost-effective ways to move money across borders. For fintech companies, the challenge lies not only in developing the necessary technology but also in ensuring compliance with varying regulatory standards.
The collaboration between Fabrick and TerraPay is likely to provide European businesses with new opportunities to streamline their payment operations while meeting stringent compliance requirements.
Paolo insists that this partnership goes beyond simple business expansion; it is about shaping the future of cross-border payments. “This move 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,” he says.
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