Visa Aids Blockchain Finance Firm Figure To Offer Issuing Processor Services
Figure, a provider of blockchain-powered financial services, has partnered with Visa to offer issuing processor services through its ‘Banking in a Box’ system. With Figure Pay, consumers may link their current online retail, fintech, or banking businesses to their own deposit accounts, payments, and cards with Visa DPS, the leading issuer processor of Visa activities.
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.