Tony Morosini, Figure Pay’s general manager, has stated, “Having worked in this market for several years, I recognized that there was a chance to construct a simplified issuing processor solution, with improved commercial terms. We have the technology, banking connection, and operational components a partner require making some impact in this business. The partnership with Visa announced today will strengthen our Banking in a Box product for individuals, small companies, and community banks.”
Through Figure Pay, businesses can rapidly launch payment, banking, and card solutions on the Provenance Blockchain, a production-ready, open-source blockchain designed for the financial services sector.
“Visa DPS thinks the appropriate payment plan can assist enhance efficiency, generate revenue, and assist a business become more unique in its industry,” stated Todd Brockman, senior vice president and worldwide chief of issuing services at Visa.
“Through a partnership deal with Figure, we are pleased to use the benefits of blockchain to provide more effective financial facilities to their retail, banking, and fintech customers.”
Banking in a Box is a solution developed on the open-source Provenance Blockchain. Traditional fundamental banking systems are replaced by blockchain. Additionally, the platform is compatible with Visa, ACH, and rewards programs. F urthermore, the platform offers dynamic authorization routing, allowing a partner’s clients to authorize against cash balances, reward balances, or trigger buy immediately, pay later (BNPL) on any accepted transaction.