Iren Luce Gas e Servizi – the commercial name of Iren Mercato, a company within the Iren Group – continues to enhance its value-added digital services for customers. To further boost its Open Banking offering, Iren has partnered with Fabrick, a leading international player in Open Finance.
The goal of this new partnership is to create added value for customers using IrenPay and IrenOpen services by enhancing the fluidity and simplicity of the user experience, while ensuring innovation and security.
Through Fabrick's Open Finance platform, Iren will be able to aggregate, integrate, and coordinate an increasing number of Application Programming Interfaces (APIs), thereby expanding the value-added financial services available to its customers. Fabrick's platform merges Open Banking and Open payment services, enriching the customer experience through its Embedded Finance business model, which enables the integration of financial services with products and services from various other sectors.
Gianluca Bufo, CEO of Iren Mercato, comments: “The partnership between Iren and Fabrick represents a pinnacle of excellence and marks a significant milestone in our digital evolution journey. This collaboration further enhances our innovative approach in the industry, making our Open Banking services even more accessible to our clients. Our strategy is clear: we aim to go beyond merely providing commodities, products, or services. We deliver true value-added solutions for an easy and accessible experience, genuinely improving and simplifying everyday life."
Paolo Zaccardi, CEO and co-founder of Fabrick, states: "The partnership with Iren validates the growth journey we have undertaken over the years, establishing us as one of the leading Embedded Finance operators in Italy and Europe. Payment systems have now become a fundamental part of everyday life, and developing new methods and innovative solutions allows us to integrate them with other services and products across various sectors, such as energy in the case of Iren. It is no longer just about managing transactions but about creating a user experience that simplifies payments, the key touchpoint for the end customer. To achieve this, we collaborate with companies from different sectors that offer services to the end customer, helping them simplify and optimise payment processes while integrating new solutions.”
The partnership with Fabrick is part of the development journey for digital services initiated by Iren Luce Gas e Servizi back in 2020. At that time, the company pioneered the new opportunities offered by the PSD2 regulations and launched IrenPay. This feature, through the Payment Initiation Service (PIS), allows for the online payment of bills for Iren Group companies and other electricity and gas providers via the IrenYou web app. This service offers significant advantages in terms of convenience and security, with no additional costs, and enables payment to be made only after verifying all the bill’s details.
In 2021, the Open Banking offering was expanded with IrenOpen, a free and secure account information service authorised by the Bank of Italy. IrenOpen aggregates the account holder's bank accounts into a single view, allowing them to conveniently monitor their energy expenses and more. Additionally, it offers personalised installment or deferral proposals for bills based on the user’s banking transactions.
In 2023, to combine environmental sustainability and ecological transition with digital innovation, IrenOpen was enhanced through a partnership with Doconomy, a Swedish market leader in developing technological solutions to combat climate change. This enhancement introduces a feature that shows customers the environmental impact of their transactions in terms of CO2 emissions and water usage, guiding them towards more sustainable and informed daily choices.
