Blockchain-based financial services firm Figure has collaborated with Visa to provide issuing processor services via its ‘Banking in a Box’ platform.
Visa DPS – the largest issuer processor of Visa transactions – will be a key component of Figure’s online banking service, which lets Figure Pay customers add deposit accounts, payments, and cards to any existing online retail, fintech, or banking offerings.
Tony Morosini, general manager of Figure Pay, said: “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.
“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.”
Through Figure Pay, companies can quickly get to market with payment, banking, and card solutions, leveraging the Provenance Blockchain, a production open-source blockchain built specifically 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.”
The platform
Banking in a Box is a platform built on the Provenance Blockchain, an open-source blockchain. The blockchain replaces a traditional core banking system. The platform also integrates with Visa, ACH, and rewards platforms.
In addition, the platform 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.