Fabrick creates an open platform for financial services innovation

INDUSTRY
Financial Services

GEOGRAPHY
Europe

CHALLENGES
Fabrick aims to become Europe’s leading open ecosystem for financial services. How could
the organization enable banks, fintechs and businesses to collaborate securely and cost-efficiently on its new platform at international scale?

SOLUTION
Amplify API Management Platform

RESULTS
• Supports 10x annual API transaction growth
• Offers cost-effective pricing for end users
• Protects mission-critical financial data

Across Europe, the Revised Payment Services Directive (PSD2) triggered a
surge in open banking activity. For some banks, compliance was the primary
objective, and many organizations raced to enable the new capabilities
ahead of the incoming regulation. Fabrick — a financial services startup
based in Milan, Italy — sensed pent-up appetite to go beyond compliance,
and aimed to harness the new data-driven services to build collaborative
offerings. It looked to lift the speed, convenience, and security of the
customer experience to new heights.

Giulio Rattone, Chief Information Officer at Fabrick, explains: “A few
years ago, we saw an unprecedented situation emerging. Traditional
banking revenues were in a steady decline, and new challenger banks
were disrupting established players by differentiating themselves through
seamless, personalized and highly responsive customer experiences. We
saw the chance to do something unique: create a space where banks,
fintechs and businesses could discover, collaborate and co-create
innovative solutions for their customers.”

New vision for financial services
Fabrick’s vision is to empower banks and other financial services players
to move beyond passive compliance with open banking legislation and
instead proactively harness data from multiple stakeholders to create
new sources of customer value. For banks, fintechs, and corporates,
the opportunities are to enhance existing services, to better understand
individual customer needs, and to build composite offerings that deliver
frictionless, loyalty-driving experiences.

Fabrick identified several core capabilities for its open banking platform.
The company determined that microservices would offer the shortest time
to market and greatest scalability, as well as the flexibility for a future move
to the cloud.

Read the full case study above, then learn more about Amplify.