Fabrick, which provides an open banking platform, and Nets, an instant payments company, are partnering “for joint product and business development.” By combining forces, the companies “aim to develop innovative solutions that deliver new revenue streams for new and existing clients,” Nets announced in a Tuesday (Dec. 8) press release.
“This is a compelling initiative for Fabrick. Instant payments is an integral part of the trend toward a cashless society,” said Marco Casartelli, deputy CEO of Milan, Italy-based Fabrick. He said the partnership would build on the track record the two companies have of delivering “quality solutions for our clients.”
Denmark-based Nets provides “instant payment processing across Europe,” said Paul Walvik-Joynt, the company’s SVP of international payments business development. He said the new partnership would further broaden Nets’ “array of services.” Walvik-Joynt added that Fabrick’s “state-of-the-art wallet solution” would boost the firm's efforts to digitize “and provide an easier tomorrow for our customers.”
The press release noted Fabrick and Nets “have previously cooperated with Bankart on the successful development and launch of Flik, the instant-payment solution for Slovenia,” which combined Fabrick’s digital wallet running on Nets’ instant payment product.
The release added that “Instant payments are driving a transformational shift in the payments landscape, meeting the demands of consumers for immediate and secure payments.”
For its part, Nets is also looking to merge with another European payments rival, Nexi of Italy. The two have negotiated an “all-share” merger deal that would establish a large payments platform for the pan-European market, the companies said in a statement last month.
The deal is worth about $10 billion.
At the same time, Nets has struck a $3.19 billion deal with Mastercard. The payments giant is acquiring Nets’ account-to-account business. The plan is to finalize that deal before the merger with Nexi closes.
Mastercard has said it was planning to expand Nets’ capabilities beyond Nordic markets. That deal is subject to regulatory approval.
