Fabrick partners with Valocity

Wednesday 23 February 2022 14:14 CET | News

Italy-based fintech promoting Open Finance, Fabrick, has partnered with Valocity, a provider of data-driven solutions that help banks to speed up property valuations in the mortgage approval process.

The two companies have joined forces in a new sales partnership agreement aimed at bringing the Australasian and APAC property valuation technology to the underserved European and MENA market. Through the partnership with Fabrick, Valocity will expand its geographical footprint in Europe and MENA by leveraging Fabrick’s platform and established presence encompassing relationships with European banks and over 200 fintechs through its Milan Fintech District. Similarly, Valocity will be able to benefit from Fabrick’s relationships in MENA, where it launched one of the first mobile banking apps alongside a commercial bank in the region.

Fabrick will be able to improve its Open Finance ecosystem with the addition of an innovative solution that seeks to improve the lending services of banks and institutions through technology. The partnership will culminate with Valocity joining Fabrick’s Open Finance platform integrated as an API producer in early 2022, allowing Fabrick to deliver Valocity’s solution from the outset.

The transformation and digitisation of the property valuation process is increasingly important as globally, lenders and brokers are experiencing two growing frictions: increasing regulatory compliance in parallel with rising customer expectations. These challenges are made more significant by the fact that purchasing property, whether it is residential or commercial, often constitutes one of the biggest financial decisions that an individual or organisation can make, comprising a focal point not only in the life of the purchaser but also in their relationship with the financial institution supporting them on the journey. Therefore, reducing friction in the property valuation process, which is estimated to have high associated financial and time costs is a significant benefit to both banks and end customers.

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Keywords: partnership, Open Finance, fintech
Categories: Banking & Fintech
Companies: Fabrick, Valocity
Countries: Europe
This article is part of category

Banking & Fintech




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