Italian FinTech company Fabrick partnered with TerraPay, a leader in global money transfers, to streamline payment processes, increase security, and improve cross-border transfers in the EU.
Fabrick, which specializes in open finance operations, entered into a strategic partnership with regulated instant payment platform TerraPay. The collaboration aims to simplify money transfers in Europe.
The partnership will create a single payment solution that operates on a Banking-as-a-Service model, reducing operational costs for financial institutions and ensuring compliance with EU regulations. The two companies plan to strengthen their European market position by focusing on international regulatory compliance, particularly in the areas of anti-money laundering (AML) and fraud prevention.
Fabrick is a leader in open finance in the Italian, Spanish, and U.K. markets. TerraPay’s network covers 7.5 billion bank accounts, 12 billion cards, and 2.4 billion digital wallets in 145 countries.
“International money transfers are especially relevant today as many people work abroad or online and send their earnings home or need convenient tools to receive funds from abroad,” said Max Krupyshev, CEO of CryptoProcessing.com. Therefore, creating a secure environment for cross-border payments is critical not only for payment providers.
Studies showed that innovative payment solutions are increasingly attracting consumers’ attention as most payment systems are outdated and in need of tech upgrades.
