Home Blockchain Figure Partners with Visa to Add Issuance Processing to Its Blockchain-Based Banking Platform

Figure Partners with Visa to Add Issuance Processing to Its Blockchain-Based Banking Platform

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Figure Partners with Visa to Add Issuance Processing to Its Blockchain-Based Banking Platform

Blockchain-based financial services company Figure collaborated with Visa provide issuer processor services through its “Banking in a Box” platform.

Visa DPS – the largest Visa transaction-issuing processor – will be a key part of Figure’s online banking service, which allows Figure Pay customers to add deposit accounts, payments and cards to all sales offers retail, financial technology or online banking.

Tony MorosiniGeneral Manager of Figure Pay, said, “Having worked in this field for many years, I knew there was an opportunity to create a streamlined issuance processor product, with better business terms.

“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.

Through Figure Pay, businesses can get to market quickly with payment, banking and card solutions, leveraging Provenance Blockchain, an open-source production block chain specially designed for the financial services industry.

“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 BrockmanSVP and Global Head of Issuance 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.”

The platform

Banking in a Box is a platform built on Provenance Blockchain, an open-source blockchain. The blockchain replaces a traditional central banking system. The platform also integrates with Visa, ACH, and rewards platforms.

Additionally, the platform provides dynamic authorization routing, which allows a partner’s customers to authorize cash balances, reward balances, or invoke buy now, pay later (BNPL) across any transaction when approved for credit.

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