Fabrick and Valocity partner to bring Australasia’s property valuation solution to Europe
By Joy Dumasia
Fabrick, a leading Italian FinTech company that operates internationally to promote Open Finance, and Valocity, a world-leading provider of data-driven solutions that help banks to speed up property valuations in the mortgage approval process, announced that they had joined forces in a new sales partnership agreement aimed at bringing the best in Australasian and APAC property valuation technology to the underserved European and MENA market.
Through the partnership with Fabrick, Valocity will expand its geographical footprint in Europe and MENA by leveraging Fabrick’s platform and established presence encompassing relationships with top tier European banks and over 200 FinTechs through its Milan FinTech District. Similarly, Valocity will benefit from Fabrick’s strong relationships in MENA, where it launched one of the first mobile banking apps alongside a leading commercial bank in the region.
Fabrick will be able to enhance its Open Finance ecosystem with an innovative solution that harnesses technology to improve the lending services of banks and institutions. The partnership will culminate with Valocity joining Fabrick’s Open Finance platform integrated as an API producer in early 2022, allowing Fabrick to deliver Valocity’s globally proven, best-in-class solution from the outset.
Fabrick’s pioneering platform and open ecosystem support the collaboration of FinTechs, corporates and financial institutions to design the future of banking and financial services. Working with a partner such as Valocity is an example of that vision brought to life. Both companies believe that fostering collaborative ways of working through technology and sharing data leads to customers’ best outcomes and services. Fabrick is a partner for companies seeking to realise the benefits of Open Finance and develop new services and products that meet the needs of their customers.
The Valocity offering uses this collaboration to streamline the mortgage valuation process by creating a connected ecosystem for brokers, valuers and lenders and includes tools for all participants such as a remote valuation inspection tool which negates the need for a valuer to enter the property, as well as data capture tools which enable valuers to capture new data on-site such as sustainability data and green housing. It also provides integrated property data analytics providing insights both across the market and within Neobanks and incumbents alike.
Through the partnership with Fabrick, Valocity expects to go live in multiple top European jurisdictions in the next 24 months. Fabrick will support Valocity’s integration on its platform and expose the Valocity solution APIs to the broader ecosystem for third party banks to integrate directly through the Fabrick open finance platform.
Marco Casartelli, Co-Founder and Deputy CEO of Fabrick, said: “We are proud to partner with a trusted company like Valocity and make its transformative service available in Europe through our Open Finance ecosystem. The process of digital transformation that has improved and created more efficient customer experience across multiple industries has only just begun in the mortgage lending ecosystem, and as an early pioneer and now market leader, Valocity is poised to offer a sought-after solution in Europe’s marketplace. As all banks have to certify a property’s value before agreeing a loan, there is a large addressable market and opportunity for European lenders to offer a seamless process that customers increasingly demand. Banks are cognisant of the need to accelerate their digital transformation to grow efficiently and remain competitive, and when different players in the financial ecosystem work together, it enables all operators to easily integrate new services and quickly respond shifting customer needs.”
Carmen Vicelich, Founder and CEO, Valocity, said: We’re seeing more so than ever in a COVID world, we banks are recognising the importance of digital connectivity, and to meet this demand, Valocity has been growing and scaling rapidly across multiple new geographies. We’re very excited to partner with Fabrick to work with their innovative lenders and support their significant ecosystem, to enable end to end digital mortgage lending solutions that put the customer first, and to continue the expansion of our globally proven mortgage valuation products.”
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