Fabrick, the Open Banking platform and ecosystem, and Nets, a leading provider of payment solutions and Instant Payments processing, have come together to launch a strategic partnership for creating products, services and new ecosystem business opportunities in the Instant Payments space.

Consumers today can no longer understand or accept that their payments are not processed instantaneously. It makes no sense to them that transactions can be pending on their accounts for days. Instant Payments are driving a transformational shift in the payments landscape, meeting the demands of consumers for immediate and secure payments.

Leveraging the strengths of their respective technologies and platforms, Fabrick and Nets aim to develop innovative solutions that deliver new revenue streams for new and existing clients, such as Slovenian payment processing company Bankart.

Siniša Jančić, Business Development & Innovation Director at Bankart, said of the collaboration: “Launching a nationwide SEPA Instant Credit Transfer (SCTInst) ecosystem with 15 banks and additional services including mobile apps, merchant solutions and fraud prevention was never going to be an easy project. But we are pleased to have achieved it with the help of our friends at Nets and Fabrick, who provided our Flik ecosystem with a state-of-the-art clearing and settlement system, and white label mobile apps. Together, we believe they can help make the dream of a pan-European SCTInst scheme a reality.”

Marco Casartelli, Deputy CEO of Fabrick, said: “This is a compelling initiative for Fabrick. Instant Payments is an integral part of the trend towards a cashless society and it is an important space for us to operate in. Working together, Fabrick and Nets have proven that we deliver quality solutions for our clients and I expect this partnership to build on that record.”

Paul Walvik-Joynt, SVP Payments International Business Development at Nets, said: “Our partnership with Fabrick creates new opportunities to leverage the benefits from instant payments and realise the value of our new OmniBilling platform. Today, we provide instant payment processing across Europe, and further broadening our array of services, adding to Fabrick’s state-of-the-art wallet solution, will boost our efforts to digitise societies and provide an easier tomorrow for our customers.”

Fabrick and Nets have previously cooperated with Bankart on the successful development and launch of Flik, the instant payment solution for Slovenia, which combined Fabrick’s award-winning wallet running on Nets’ Instant Payment solution.