TerraPay and Fabrick Team to Further European Cross-Border Payments

Italy-based open finance company Fabrick has launched a collaboration with money movement firm TerraPay.

Initially focused on Fabrick’s home country, the partnership gives businesses access to a platform to help them streamline payment processes, lower operational costs and make sure they’re complying with regulators, the companies said in a  Tuesday (Oct. 8) news release.

“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,” the release said.

“Following the recent acquisition of finAPI, which enabled Fabrick to enter the strategically important DACH region, Fabrick has continued to solidify its position at the forefront of Europe’s digital payments landscape.”

According to the release, the partnership combines TerraPay’s global network — 7.5 billion bank accounts, 12 billion cards and 2.4 billion digital wallets across 145 countries — with Fabrick’s Banking-as-a-Service (BaaS) platform model, aligning with Fabrick’s goal of supporting open finance, including cross-border payments.

TerraPay will also become part of Fintech District, Fabrick’s FinTech ecosystem aggregator, giving the company access to a network of more than 300 companies.

“Our collaboration with Fabrick marks a significant milestone in our efforts to expand our footprint in Europe,” Ani Sane, TerraPay co-founder and chief business officer, said in the release.

“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 to streamline complexity of cross border payment.”

PYMNTS spoke last month with TerraPay President Ruben Salazar Genovez about the lack of cross-border interoperability in digital wallets, as well as his company’s role in a new effort to remedy the issue.

“We have huge respect for all the technology and the architecture and the user experience that our partners have been building in their domestic spaces,” Genovez told PYMNTS’ Karen Webster. “But the reality is that today, it’s very easy to travel with a piece of plastic, but it’s very difficult to travel with a piece of software. And so, we want to enable these wallets to be able to provide the same user experience and the same sort of payment capabilities when they travel abroad. And that is a gigantic task.”

TerraPay launched its wallet interoperability council in August, working with several wallet operators to facilitate interoperability rather than depending solely on government mandates.