Italy-based Fabrick, an Open Banking ecosystem, is introducing various API-powered solutions that aim to harness the power of Open Finance.
Fabrick has developed two different solutions that are reportedly based on Mastercard APIs: InControl for Business and Identity Check Mobile (IDCM). They are used to provide value to end users with intuitive applications.
The solutions may be easily adopted by banking institutions, Fintech firms and enterprises by removing friction via Fabrick’s Open Finance platform while also being able to simplify time-to-market.
Controls for Business is a proprietary solution that Fabrick has created based on a set of APIs Mastercard developed, called InControl. Although banking platforms may decide to utilize these APIs themselves, Fabrick’s solution has been designed to incorporate the APIs, thus lowering the technical burden which makes it easier for people to adopt the products.
The platform is a fully customizable white-label solution that has been integrated with major payment channels. This updated solution is a new, fast, convenient route or option to market for banks. The main functionality of Controls for Business lets a business gain more control over the use of company credit and debit cards issued to workers for expenses and various business costs.
The Controls for Business app was developed to fulfill the payment requirements of SMEs so they can enjoy a seamless multi-channel experience across mobile, tablet and PC.
With the Controls for Business solution, businesses are able to set many different profiles for groups of users, setting limits and can also limit or restrict how and where their cards are being used. It offers more convenience, improved security and greater control to company owners, allowing them to spend smarter.
Controls for Business is a vital solution as small companies can benefit from a post-lockdown recovery only if they can leverage the appropriate digital tools.
IDCM, which is the other solution created by Fabrick, is a biometric recognition platform that lets banks and financial institutions offer customers secure biometric services like face ID, touch ID and voice recognition that may be integrated within apps. It’s also available as a Software Development Kit (SDK).
IDCM is currently being offered to European issuers in order to make biometric authentication available to their clients on remote card transactions to authorize their virtual payments.
Solutions such as InControl for Business and IDCM that are developed via Mastercard APIs show the different possibilities for the future of Open Finance.
Marco Casartelli, Deputy CEO of Fabrick, stated:
“We are delighted to strengthen our strategic partnership with Mastercard to deliver seamless solutions that harness the transformative power of Open Finance and realise concrete benefits for banks, fintechs, enterprises and end customers. Our InControl for Business and IDCM solutions enable easy adoption of Mastercard’s APIs.”
“IDCM is highly innovative and proven in the market and we look forward to developing new use cases. IDCM is the future of secure and fast identity verification, and with InControl for Business we have brought to market a new intelligence-driven solution that offers SMEs empowering real-time control.”
Rigo van den Broeck, EVP, Cyber Security Product Innovation at Mastercard Europe, remarked:
“We are excited to continue to partner with Fabrick to bring solutions such as InControl for Business and IDCM to our customers and end-users. The speed and efficiency with which IDCM was delivered was really impressive. We look forward to further partnerships in the future to create solutions driving the user experience – that is convenient and controlled by the end user – of tomorrow.”