Fabrick becomes a payment institution

Fabrick, a platform that promotes new business models and banking services by fostering collaboration between financial, corporate and fintech institutions, has been authorized by the Bank of Italy to operate as a payment institution.

In particular, on the basis of the payment institution’s authorization, Fabrick can operate as an Account Information Service Provider (AISP) and Payment Order Arrangement Service Provider (PISP), both roles introduced by the European PSD2 directive.

The directive requires banks to allow certified third parties to access the accounts of their clients who have requested it to execute payment transactions or query account balances and movements through so-called APIs (Application Programming Interfaces), i.e. computer interfaces that allow the development of applications and services using data made available by the technological infrastructure of a third-party financial institution.

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Fabrick was founded with the aim of bringing together traditional operators and fintech companies

Fabrick was founded in 2017 with the aim of fostering open banking, fostering the meeting and collaboration between fintech companies, large companies and traditional operators in the financial world, providing them with technologies, skills and services. The company is owned by Banca Sella, which holds 80% of the capital. The rest is instead distributed among the partner-entrepreneurs who have gradually joined the project by contributing all or part of their company’s capital to the platform, becoming part of Fabrick’s management and corporate structure. As of May 2019, it counted one million API transactions per month, while one year later it counts over one million per day.

To date, Fabrick has integrated 97% of banking institutions into the platform and 198 are the counterparties using the more than 500 published APIs. Many use cases are already in production such as Account Aggregation, Data Enrichment (PFM), Smart Banking, Payment & Collection Engine and the Payment Initiation Sevice (PIS). The latter was launched a couple of weeks ago by Illimity Bank.

Last April, Soisy, a fintech start-up of online installment payments financed via P2P lending, integrated its purchase financing solutions into the Fabrick platform, publishing its APIs. Last March, Fabrick, together with Bandyer, scaleup that developed a browser-based video communication platform without software installation, launched the virtual banking branch: a new digital channel of direct contact through which financial institutions and corporate realities can dialogue with their customers, maintain and strengthen relationships and ensure optimal and timely management of operations, even at the time of the coronavirus. In August 2019, Fabrick participated in the $8.9 million (€8 million) round of Penta, a German fintech startup offering startups and SMEs a digital platform for digital banking.

Paolo Zaccardi, CEO of Fabrick, commented: “Fabrick was born because we immediately saw in PSD2 the opportunity to innovate the financial world, proposing an active approach to regulation. In recent years, we have laid the foundations to become a reference partner for all those realities that want to innovate and rapidly develop digital services and to which we propose turnkey solutions that, with the authorization of a payment institution, are further completed. 2020 confirms the year of transformation into concrete offers of the new open banking paradigm, built on open and collaborative platforms.”

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(Featured image by rupixen via Pixabay)

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First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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