Denmark-based payment solutions provider Nets has forged a strategic partnership with open banking platform Fabrick for product development in the instant payments space.

The companies will create new products, services, and business opportunities in the instant payments ecosystem.

Under this strategic partnership, Nets and Fabrick will utilise their technologies and platforms to create solutions that generate new revenue streams for new and existing clients.

These clients include Slovenian payment processing company Bankart.

Fabrick deputy CEO Marco Casartelli 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.”

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By GlobalData

Previously, Nets and Fabrick teamed up to create and launch an instant payment solution called Flik, with Bankart.

This led Fabrick’s wallet to integrate with and run on Nets’ Instant Payment solution.

Bankart business development and innovation director Sinisa Jancic said: “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.”

Nets SVP of payments international business development Paul Walvik-Joynt 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.”

Last week, Nets acquired Swiss payment terminal provider CCV Schweiz, a subsidiary of CCV Group based in the Netherlands.