Mastercard and Italian-headquartered Fabrick have signed a strategic partnership to develop embedded finance solutions.
The aim is to improve the digitalisation of businesses, financial institutions and fintechs across Europe. The latest announcement builds on the ongoing relationship between the two companies. Mastercard and Fabrick have been working together since 2019 to promote development of digital financial services for the commercial ecosystem.
Embedded Finance enables companies from any sector to integrate financial services directly into their products via API implementation. This gives every business the opportunity to provide payment, banking and insurance services without building a proprietary financial infrastructure themselves. Fabrick’s Open Finance platform enables embedded payments solutions worldwide. The firm says its innovative service empowers companies and banks to enhance their relationship with customers.
Fabrick platform: generating 330 million calls per month
Specifically, it provides a comprehensive and value-added offering in digital payments and embedded finance. As part of the agreement, Mastercard has made a minority investment in Fabrick. To date, over 400 counterparties are connected to the Fabrick platform. This generates over 330 million API calls per month.
Paolo Zaccardi, CEO and co-founder of Fabrick: “Being able to count on the collaboration of a partner of the calibre of Mastercard with a new level of commitment will allow us to strengthen our international presence and open a new phase of growth and evolution. We have already made payments a core asset of our platform. But today with even greater intensity, we will be able to define a new and even more complete offer. This derives from the coming together of our respective strengths, to grow faster thanks to new resources and know-how.
Fabrick goal: a benchmark in open and embedded finance
“The aim is to establish ourselves in other European countries as a benchmark in open and embedded finance. This is already registering an extraordinary response from corporates. We are certain it is only the tip of the iceberg of the infinite possibilities it enables”.
Michele Centemero, country manager Italy Mastercard added: “We are glad to reinforce our collaboration with Fabrick. We value their great vision and model to face, govern and design the evolution of embedded finance. We think this will be a big driver for development of digitisation in the next years. Our work with Fabrick and the digital financial services we will develop together, will support our collective goal to offer digital payment solutions to businesses and to deliver a seamless experience for their customers in a time of need.”