BBVA enters open finance partnership with Italy’s Sella
Spanish financial services firm BBVA has partnered with Italian banking group Banca Sella to provide payment services via open banking firm Fabrick.
Fabrick offers banks, businesses and fintechs customised financial solutions through its API platform.
The Banking-as-a-Service (BaaS) arrangement will see Banca Sella provide BBVA with various product APIs on Fabrick’s open finance platform.
The “strategic partnership” will mean BBVA can offer its international and Italian customers wanting to do business in Italy a series of local payment services such as F24, postal bills, CBILL and pagoPA.
Fabrick CEO Paolo Zaccardi says its platform model allows for the easy integration of new financial services and enables banks and other players, whether Italian or foreign, to participate.
The initiative forms part of Banca Sella’s BaaS strategy which seeks to expand the range of services it can provide to corporates, fintechs and international financial institutions.
BBVA says pooling the resources and knowledge of the three players will allow it to meet the needs of the global market, optimise its investments and speed up implementation times.
Javier Lipúzcoa, head of BBVA digital banking in Italy, says the strategic alliance with Banca Sella and Sella group company Fabrick “was a powerful element in launching our tax payment proposal for Italian users”.