Following this announcement, the French full-service bank is set to incorporate Fabrick’s `Fabrick Pass` (PISP) product in order to allow the secure and efficient integration of payment processing into the accounting workflow. This is expected to streamline the entire procedure, from the initial request to reconciliation, while also maintaining continuous oversight.
In addition, the traditional invoicing methods have been redesigned, in conjunction with IBAN, a document confirming the bank account issued by French banks. Furthermore, a unique link will be dispatched, which is set to enable clients to promptly activate and complete payments directly from their current accounts, without any disruptions in the accounting procedure.
This is expected to result in a streamlined process that simplifies the entire accounting reconciliation, as well as to optimise the overall customer experience and accelerate payment processing. At the same time, the collaboration is set to strengthen Fabrick’s presence in the French market and throughout Europe.
Fabrick operates internationally in order to enable services by supporting the partnerships of fintechs, businesses, and financial institutions. The company had several collaborations and product launches in the last couple of months, covering multiple geographic areas around the world.
In September 2023, Fabrick announced its partnership with MIND DXM in order to provide an environment where firms and companies could exchange data, foster innovation, as well as improve information-sharing capabilities. According to the press release published at the time, data represented an important role as the foundation for all future technological advancements. This deal was set to ensure the facilitation of data exchange and sharing, as it became of priority.
Fabrick also focused on extending the reach of its services to a broader audience, as well as catalyse the development of new business models through the sharing of its assets in a secure and efficient manner. At the same time, MIND DXM placed importance on fostering partnerships while upholding the principles of business competitiveness, security, data sovereignty, and transparency.
Earlier in May 2023, Fabrick announced its decision to expand its collaboration with Mastercard in order to develop Embedded Finance services and optimise the digitalisation of business across Europe. Mastercard made a minority investment in Fabrick as part of the arrangement, also purchasing a minority interest in a EUR 40 million fundraising. According to the press release published at the time, approximately 400 counterparties were connected to the Fabrick platform, which resulted in approximately 330 million API requests every month.
The strategic deal was built on the two companies’ continuing collaboration in order to encourage innovation in the development of digital financial solutions for the commercial environment, which started in 2019.
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