Fabrick teams up with TerraPay to optimise cross-border payments in Europe

By merging TerraPay’s global network with Fabrick’s Banking-as-a-Service (BaaS) platform model, the two companies intend to develop a unified platform with customised offerings that works towards simplifying payment processes, improving security, and elevating the customer experience for businesses and financial institutions. Additionally, TerraPay’s worldwide infrastructure falls in line with Fabrick’s commitment to supporting Open Finance across different domains, including cross-border payments.

Furthermore, regulated by the Financial Conduct Authority (FCA), the Bank of Italy, and in 30 other jurisdictions, TerraPay centres its efforts around international Anti-Money Laundering (AML) and fraud prevention regulations, while Fabrick holds extensive knowledge of Italian and EU compliance standards. By both having expertise in navigating the difficulties of their relevant regulatory landscapes, TerraPay and Fabrick are set to support businesses achieve increased levels of security and efficiency.

Before teaming up with Fabrick, TerraPay enabled financial institutions to transfer funds directly to mobile wallets internationally leveraging their current Swift connections. In a bid to ensure fast and transparent transactions from accounts to wallets, payments sent by financial institutions via Swift were set to integrate into TerraPay’s system. This was made available by Swift’s tracking capabilities that delivered end-to-end visibility, with the company linking over 11,500 financial institutions across more than 200 countries.