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.
If you want to find out more details about the Fabrick platform, how it is becoming a payment institution, and to read the latest financial headlines from around the world, download the Born2Invest mobile app.
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.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Buffalo Partners]
First, they came for your college campuses. Then they came for your news, your politics, and you entertainment. And now,...
Redeban Boosts its Leadership in Colombia with the Acquisition of SoyYo
The SoyYo brand will be maintained and enters Redeban's portfolio as one of its strategic units. SoyYo is a recognized...
Why the Growth of Real Estate Crowdfunding in Mexico Slows in 2023
An amount that could make real estate crowdfunding more attractive is 500 million pesos or more. Likewise, he added that...
Biomedical Companies in Spain Demand Tax Incentives for R&D Adapted to the Reality of the Sector
There are many companies in the biomedical sector that, being in the investment or expansion phase, have negative or reduced...
Switzerland Will Probably Legalize Cannabis in the Next Four Years
Switzerland has the advantage that it has already introduced legalization tests in various municipalities. Each test can cover up to...
Impact Investing1 week ago
Daze Closes a 15 Million Euro Capital Increase from CDP Venture and EIC-Fund
Mining & Energy2 days ago
Argentina Lithium & Energy Leading the Charge as Demand for Argentine Lithium Grows
Crowdfunding2 weeks ago
Amica’s Crowdfunding to Buy Casa Coll Raised Over 53,000
Crowdfunding1 week ago
How Was 2023 for Seedrs, a UK-Based Crowdfunding Portal