BBVA, the Spanish multinational banking group, and the Sella Group have reportedly entered into a partnership that is focused on supporting Open finance.
Through the partnership, BBVA will be providing its foreign clients, who are willing to operate in Italy and those of the newly launched virtual bank, with a series of domestic payment services like F24, postal bills, CBILL and pagoPA.
The agreement notes that Banca Sella will make available to the Spanish financial group its products via the APIs that are managed via the platform of Fabrick, a firm operating globally to promote Open finance services.
For the Sella group, this is one of the first initiatives in the Banking-as-a-service (BaaS) area, which aims to enable and expand the range of financial services provided to corporate, Fintech and global financial institutions. The agreement is also part of a wider cooperation context that sees the Fabrick platform contributing to BBVA’s Open finance projects.
The project, sharing the industry expertise of the three players to address the requirements of the global market, has allowed BBVA to optimize tech investments, implementation times, organizational impacts while speeding up the time-to-market.
Javier Lipúzcoa, Head of BBVA Digital Banking in Italy, stated:
“The strategic alliance with Banca Sella and Fabrick, a Sella group company recognized for its experience and credibility in the Italian market, was a powerful element in launching our tax payment proposal for Italian users. This alliance makes our pioneering vision, in which we combine our strengths and experience to provide our customers with the best possible experience tangible.”
Andrea Tessèra, Head of BaaS at Banca Sella, remarked:
“Banca Sella was among the first companies to seize the opportunities of open banking and to offer innovative tools in As A Service mode thanks to the advantage of being part of and encouraging an open financial ecosystem. The partnership with BBVA, one of the most established financial institutions globally, is a vital part of our strategy that aims to enable third parties with an open finance perspective.“
Paolo Zaccardi, CEO at Fabrick, noted:
“Banking As A Service is a fundamental part of Fabrick’s offer: the platform model allows for easy integration of new financial services and enables banks and other players, whether Italian or foreign, to do so. What accomplished for BBVA is a unique offer on the market and only represents the tip of the iceberg of the infinite opportunities that Open finance allows and that Fabrick can achieve.”