Figure announces collaboration with Visa to add issuance processing to its Banking in a Box platform

Figure’s Banking in a Box platform is built on the Provenance blockchain

SAN FRANCISCO, August 10, 2022 /PRNewswire/ — Figure Technologies, Inc., a leader in transforming financial services through the power of blockchain technology, announced a new collaboration with Visa to provide issuance processor services through the Banking in a Box based on Figure’s blockchain.

Visa DPS, used by financial institutions around the world, will be a key part of Figure’s online banking service, known as Banking in a Box, which allows Figure Pay customers to add deposit accounts, eligible payments and cards to any existing online retail, fintech or banking offers. With Figure Pay, businesses can quickly get to market with innovative payment, banking, and card solutions, leveraging Provenance Blockchain, a production blockchain purpose-built for the financial services industry.

“Having worked in this field for many years, I knew there was an opportunity to create a streamlined issue processor product, with better business terms,” said Tony Morosini, Managing Director of Figure Pay. “We have everything a partner needs, including the technology, the banking relationship and the operational components to make a splash in this industry. Today’s collaboration with Visa will help anchor our Banking in a Box offerings for consumers, small businesses and community banks.

“Visa DPS believes the right payment strategy has the ability to go far beyond payment processing and can help improve efficiency, increase revenue and help a business further differentiate in its category,” said declared Todd Brockman, SVP and Global Head of Issuing Solutions at Visa. “Through a strategic collaboration with Figure, we are excited to leverage the value of blockchain to deliver more efficient financial services to their retail, banking and fintech customers.”

Banking in a Box is a platform built on Provenance Blockchain, an open-source blockchain. Blockchain replaces a traditional core banking system, providing Figure customers with zero-cost core system savings, while the Banking in a Box platform easily integrates with Visa, ACH and rewards platforms.

The platform also provides dynamic authorization routing, which allows a partner’s customers to authorize cash balances, reward balances, or invoke Buy Now Pay Later (BNPL) on any transaction when it is approved for credit, all invisible to the merchant who still receives fiat at settlement for no additional fees.

For more information, visit www.figurepay.com

About the figure

Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to consumers and institutions. Figure continues to unveil a series of fintech firsts in the capital markets, investment management, and banking and payments sectors. Figure relies on Provenance for lending, servicing, financing and now private fund services.

The company was founded by a serial tech entrepreneur Mike Cagney, who also founded SoFi and grew the company into a multi-billion dollar enterprise under his leadership as CEO. Learn more about https://www.figure.com/.

Contact:

Zoe Johnston
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