Fabrick , a Europe-based provider of Open Finance, has acquired Judopay , a UK-based mobile payments company. Fabrick's Payment Orchestra will benefit from Judopay's digital commerce innovation experience as a result of this agreement.

Together, they will create new models and standards to give merchants and customers with faster payment options, frictionless operations, and seamless check-out experiences. The acquisition of Judopay will broaden Fabrick's proprietary technology, allowing the company to better serve merchants by managing all financial and data flows involved in the payments process from a single point, even when accepting payments from multiple gateways. The agreement will strengthen Fabrick's Payment Orchestra, a payment orchestration technology that aspires to revolutionise how businesses take payments.

Payment Orchestra optimises payment processing at each stage of the payment flow by merging different payment processes, lowering transaction time and costs while enhancing the consumer checkout experience and decreasing cart abandonment. Fabrick’s Payment Orchestra benefits Payment Orchestra, which was launched in the UK in February 2022 through Fabrick's subsidiary Axerve, has supplied its users and client base of worldwide merchants with several practical benefits, including quick access to hundreds of local and cross-border acquirers, card, mobile, and digital payment options. Automatic reconciliation is also available on the platform, saving merchants time and internal resources.

Furthermore, Payment Orchestra offers real-time ledgers that assure financial data visibility, simplifying monitoring and accountability; this ensures clients are only charged once for numerous charge requests. Fabrick has also gained authorisation from the Bank of Italy to operate as a Payment Institution, expanding its position as a facilitator of innovative business models. It can, in reality, perform the functions of an Account Information Service Provider (AISP) and a Payment Information Service Provider (PISP) to offer turnkey solutions and make its licence available to consumers in the form of a service.

This deal is also subject to Bank of Italy approval. The expansion in the UK market This purchase is also a key milestone in Fabrick's growth into the UK market, which is one of Europe's major digital payments marketplaces, with total digital payment transaction value estimated to reach around USD 440 billion in 2023. Data reveal that 41% of transactions in the UK are conducted via alternative payment methods, demonstrating the country's proclivity for innovation.

Furthermore, the UK ecommerce business is expected to generate USD 199.9 billion in sales by 2022. This makes the UK an excellent place for developing new embedded finance models and standards based on the most modern and comprehensive payment solutions to assist firms in capitalising on the current transformation, in addition to having a big addressable market. Judopay has established itself as a prominent participant in the UK industry, partnering with large corporations such as KFC, PaybyPhone group, and Autocab.

In addition, the firm has worked with Apple and Mastercard to develop Apple Pay in-app payments in the UK. .