Fabrick and TerraPay have announced a groundbreaking partnership aimed at transforming cross-border payments in Europe.
- The collaboration seeks to integrate TerraPay’s global payment network with Fabrick’s innovative Banking-as-a-Service model to enhance efficiency.
- Fabrick plans to leverage this partnership to expand beyond its core markets in Italy, Spain, and the United Kingdom into the broader European region.
- TerraPay brings a network regulated by multiple jurisdictions, offering unmatched reach across 144 countries.
- Both companies aim to address regulatory and compliance challenges while streamlining payment processes for businesses.
Fabrick, headquartered in Milan, Italy, has entered into a strategic partnership with TerraPay, a renowned payments infrastructure provider. This collaboration focuses on enhancing the landscape of cross-border payments in Europe by combining strengths of both firms. Fabrick’s presence in Italy, Spain, and the UK provides a solid foundation which it plans to expand further into the DACH region following its acquisition of finAPI. The partnership with TerraPay is a significant move to leverage TerraPay’s extensive network, thus simplifying international payment processes for businesses. Paolo Zaccardi, CEO and co-founder of Fabrick, emphasizes the importance of this alliance as it aligns with the company’s global expansion strategy.
The joint efforts are set to deliver a seamless platform integrating TerraPay’s global network with Fabrick’s Banking-as-a-Service (BaaS) solutions. This integration is expected to result in simplified payment processes, reduced operational expenses, and strict adherence to both local and international regulations. Paolo Zaccardi has highlighted the dual benefits of broadening service offerings while reinforcing global strategies, marking a new chapter for Fabrick in its quest for worldwide expansion.
TerraPay’s reach spans 144 countries, connecting billions of bank accounts, cards, and mobile wallets under the watchful eyes of the Financial Conduct Authority (FCA) and 29 other regulatory bodies. This immense infrastructure, paired with Fabrick’s local expertise, aims to create a more secure and viable payment environment for financial institutions and businesses alike. Regulatory compliance, a critical aspect of financial services, is ensured through TerraPay’s robust anti-money laundering measures and adherence to evolving European standards such as PSD2.
As TerraPay seeks to solidify its footprint in the European market, the partnership with Fabrick becomes a pivotal step. Ani Sane, Co-Founder and Chief Business Officer of TerraPay, acknowledges this collaboration as a key milestone enabling both companies to streamline cross-border payment complexities for European enterprises. Moreover, TerraPay’s integration into Fabrick’s Fintech District promotes collaboration and innovation, strengthening Fabrick’s role as a leading entity within the European fintech ecosystem.
In response to the burgeoning demands of the cross-border payments market, this alliance seeks not only technological enhancements but also robust compliance with diverse regulatory landscapes. Fabrick and TerraPay are poised to offer new opportunities for European businesses to optimise their payment operations. Paolo Zaccardi underlines that this partnership transcends mere business growth, as it plays a role in shaping the global future of financial transactions.
This strategic partnership marks a significant advancement in the cross-border payments arena, fostering efficiency and compliance for European businesses.
