Figure collaborates with Visa to provide issuing processor to its Banking in a Box Platform
By Edlyn Cardoza
Figure Technologies, Inc., is transforming financial services through blockchain technology, announced a new collaboration with Visa to provide issuing processor services through Figure’s blockchain-based Banking in a Box platform.
“Having worked in this space for many years, I knew that there was an opportunity to build a streamlined issuing processor product, with better commercial terms,” said Tony Morosini, General Manager of Figure Pay. “We have everything a partner needs, including the technology, banking relationship, and operational components to make some noise 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, used by financial institutions around the globe, will be a key component of Figure’s online banking service, known as Banking in a Box, which allows Figure Pay customers to add eligible deposit accounts, payments, and cards to any existing online retail, FinTech, or banking offerings. Through Figure Pay, companies can rapidly get to market with innovative payment, banking, and card solutions, leveraging the Provenance Blockchain, a production blockchain explicitly built for the financial services industry.
“Visa DPS believes the right payment strategy has the ability to go far beyond processing payments and can help improve efficiencies, increase revenue and help a company become more differentiated in their category,” said Todd Brockman, SVP and Global Head of Issuing Solutions at Visa. “Through a strategic collaboration with Figure, we’re excited to leverage the value of blockchain to deliver more efficient financial services to their retail, banking and fintech clients.”
Banking in a Box is a platform built on the Provenance Blockchain, an open-source blockchain. The blockchain replaces a traditional core banking system, providing Figure’s customers with zero-cost core system economics. In contrast, the Banking in a Box platform easily integrates with Visa, ACH, and rewards platforms.
The platform also provides dynamic authorisation routing, which allows a partner’s customers to authorise against cash balances, reward balances or invoke Buy Now Pay Later (BNPL) on any transaction when approved for credit, all invisible to the merchant who still receives fiat at settlement for no additional costs.
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