UK-based open banking technology provider Banfico and financial ecosystem integrator adorsys have formed a value-added technical partnership. 

The tie-up is aimed at providing Banfico and adorsys access to an untapped market. 

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adorsys is said to have built a ‘vast’ network of industry players with around 15 years of experience in catering to banks, insurers and TPPs.

Banfico, on the other hand, has offered open banking solutions in the UK, Europe, and Brazil. 

Under the partnership, Banfico will leverage adorsys’ capabilities to increase brand awareness and expand further into the European market.

adorsys will leverage the collaboration to boost its product portfolio and strengthen its position as an integration and technology partner. 

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Additionally, adorsys will be authorised to resell Banfico’s products OB Directory, a TPP checking service for the UK and Europe and open banking dedicated API to its existing and new customers.

Banfico CEO Kannan Rasappan said: “adorsys has been working steadily over the past decade to support their clients in creating new digital services through open banking, and thanks to this partnership, we both can prepare for the next level of growth.” 

adorsys CEO Andrew Zeller said: “As the challenges by banks and TPPs to update their legacy systems continue to evolve, and our customers turn to us as a trusted IT consultancy and integration partner, we believe that offering best-in-class open banking technology solutions is essential. 

“There is great synergy between Banfico’s capabilities and adorsys’ value propositions. Partnering with Banfico will enable both companies to leverage each other’s strengths to offer high-quality solutions that pave the way to scalability and automation.” 

In October 2021, Banfico launched a Brazilian arm, called Banfico Tecnologia.