Fabrick, an Open Finance operating company, is expanding its geographical footprint by partnering with TerraPay, a company that simplifies global money movement.
Initially focused on the Italian market, this partnership will enable businesses to access a unified platform that streamlines payment processes, reduces operational costs, and ensures compliance with regulatory requirements.
It represents a significant milestone in Fabrick’s international growth and consolidation strategy, building on its strong presence in Italy, Spain, and the United Kingdom. Following the recent acquisition of finAPI, which enabled Fabrick to enter the strategically important DACH region, Fabrick has continued solidifying its position at the forefront of Europe’s digital payments landscape.
With TerraPay’s extensive global network spanning 7.5 billion bank accounts, 12 billion cards, and 2.4 billion digital wallets across 145 countries and by leveraging Fabrick’s Banking-as-a-Service platform model, the two are creating a unified platform with tailored offerings that streamline payment processes, enhance security, and elevate the customer experience for businesses and financial institutions. Moreover, TerraPay’s global infrastructure aligns with Fabrick’s mission to support Open Finance across different domains, including cross-border payments.
TerraPay, regulated by the FCA, the Bank of Italy, and in 30 other jurisdictions globally, excels in international anti-money laundering (AML) and fraud prevention regulations. At the same time, Fabrick offers deep knowledge of Italian and EU compliance standards. Hence, both have a shared expertise in navigating the complexities of their respective regulatory environments.
TerraPay will also join Fintech District, Fabrick’s fintech ecosystem aggregator, reinforcing their commitment to innovation and collaboration within the fintech sector. This will give TerraPay access to a network of over 300 fintech and techfin companies. It will enhance its ability to deliver cutting-edge payment solutions and stay ahead of emerging trends in Italy and beyond.
Paolo Zaccardi, CEO and Co-Founder of Fabrick, stated: “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.”
Ani Sane, Co-Founder and Chief Business Officer at TerraPay, stated: “Our collaboration 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 deliver our value proposition to help Italian and European enterprises and banks streamline the complexity of cross-border payment.”
Source: https://www.cryptonewsz.com/fabrick-and-terrapay-partner-to-enhance-cross-border-payments/