Open Banking platform Fabrick and payment solutions provider Nets have announced a partnership to develop new products and services for instant payments.
The partnership is aimed at creating new ecosystem business opportunities in the instant payments space.
Italy-based Fabrick and Nets intend to develop new solutions by leveraging the strengths of their respective technologies and platforms.
The solutions will be targeted at delivering new revenue streams for new and existing clients, such as Slovenian payment processing company Bankart.
Fabrick deputy CEO Marco Casartelli said: “This is a compelling initiative for Fabrick. Instant Payments is an integral part of the trend towards a cashless society and it is an important space for us to operate in.
“Working together, Fabrick and Nets have proven that we deliver quality solutions for our clients and I expect this partnership to build on that record.”
Previously, Fabrick and Nets have worked with Bankart on the development and launch of Flik in Slovenia.
Flik is an instant payment solution that combined Fabrick’s wallet running on Nets’ instant payment solution.
According to Nets, instant payments are resulting in a transformational shift in the payments landscape, addressing the consumer requirements for immediate and secure payments.
Nets payments international business development SVP Paul Walvik-Joynt said: “Our partnership with Fabrick creates new opportunities to leverage the benefits from instant payments and realise the value of our new OmniBilling platform.
“Today, we provide instant payment processing across Europe, and further broadening our array of services, adding to Fabrick’s state-of-the-art wallet solution, will boost our efforts to digitise societies and provide an easier tomorrow for our customers.”
With headquarters in Copenhagen, Denmark, Nets has more than 4,000 employees located across Europe.
In August last year, the company has agreed to sell its account-to-account (A2A) business to Mastercard for €2.8bn.
The business includes bill-pay solutions, Open Banking, Omnibilling and real-time clearing infrastructure, which run on Nets’ Realtime 24/7 instant payments solution, in Denmark, Norway, Hungary, Italy, and Slovenia.
