Connect with us

Featured

Net Insurance adopts Fabrick’s payment & collection engine

Net Insurance, a company listed on Aim Italia, has closed a partnership with the fintech company Fabrick. The insurance company will use Fabrick’s payment & collection engine. Fabrick’s solution is intended to add value to the entire supply chain. Net Insurance is also the first company to use an account aggregation solution. Fabrick, together with Bandyer, launched the virtual banking branch.

Published

on

This picture show a persona doing a digital payment.

The company Net Insurance has adopted the payment & collection engine of Fabrick, the solution created to encourage the creation of new business models and services through the meeting and collaboration between traditional financial institutions and new technological realities.

The solution is designed to bring added value to the entire supply chain and makes it possible to manage the automatic division of payments between the players involved, split the premiums, make remote sales and credit directly to the company’s accounts. Regardless of the channel used for the purchase and the way the policy is paid by the customer, the payment & collection engine performs the automatic reconciliation on the accounts of the insurance company: the flow is thus fully automated and the processes are optimized.

Find out more details about the recent partnership between Net Insurance and Fabrick, and be the first to discover the most important business headlines in the world with the Born2Invest mobile app.

An account aggregation solution is used for the first time

Net Insurance is also the first company to use an account aggregation solution, which will allow it to optimize the relationship with the different banks with which it operates. Thanks to Fabrick’s ability to access the operations of the company’s current accounts and the intermediaries in the distribution network, the insurance company will be able to view all movements from a single platform.

Net Insurance is an insurance company listed on Aim Italia which, at the end of 2018, conducted the business combination with Spac Archimede. On the open banking front, since last May, Net Insurance is the insurance partner of the open banking project Nexi Open (ecosystem for open banking that involves as partners the most innovative companies in the technology and fintech sector, accelerators, startup incubators, consulting companies, and research centers). The project was launched by Nexi, the PayTech listed on Piazza Affari and controlled by Advent International, Bain Capital, and Hourglass funds. The technological enabler of the Net Insurance offering is Yolo Group, an insurtech startup in which Net Insurance has invested, participating in a round in early 2019.

“We are very pleased to have signed this agreement with a major partner such as Fabrick, a leading player in the Italian fintech ecosystem. The agreement represents an important step in the company’s development strategy. Currently, the insurance sector has to face new challenges and business models and this requires an increasingly evolved and structured operational approach. Fabrick’s know-how in such a specific sector will help Net Insurance to offer customers solutions with higher and higher added value,” said Fabio Pittana, Chief Operating Officer of Net Insurance.

SEE ALSO  Andy Rubin’s Playground Global shakes up the startup scene

Paolo Zaccardi, CEO of Fabrick, added: “Net Insurance has fully grasped the advantages that technological innovation and open innovation bring both in terms of optimization of internal processes and expansion of its proposal to the market. The insurance company has, in fact, implemented payment & collection engines to respond effectively to the need that has always characterized the insurance world, to manage the collection of premiums, and reconcile the policies underwritten through different networks. This collaboration concretely demonstrates the value that our ecosystem can bring to all those realities that want to undertake a path of innovation to increase their competitiveness.”

Fabrick was founded in 2017 with the aim of fostering open banking, encouraging the meeting and collaboration between fintech companies, large companies and traditional operators in the financial world, providing them with technologies, skills and services. It 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.

Last May, Fabrick was authorized by the Bank of Italy to operate as a payment institution.

To date, Fabrick has integrated 97% of banking institutions into the platform and 198 are the counterparties using the more than 500 published APIs. Its Payment Initiation Sevice (PIS) was launched last May 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.

SEE ALSO  US steel plate industry set for amazing Q3 performance

Last March, Fabrick, together with Bandyer, which 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. In addition, they can 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 $9 million (€8 million) round of Penta, a German fintech startup offering startups and SMEs a digital platform for digital banking.

__

(Featured image by energepic.com via Pexels)

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 Be Beez, 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.

Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.