\n<\/p>\n
Visa DPS \u2013\u00a0the largest issuer processor of Visa transactions \u2013 will be a key component of Figure\u2019s online banking service, which lets Figure Pay customers add deposit accounts, payments, and cards to any existing online retail, fintech, or banking offerings.<\/p>\n
Tony Morosini<\/strong>, general manager of Figure Pay, said: \u201cHaving 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.<\/p>\n \u201cWe have everything a partner needs, including the technology, banking relationship, and operational components to make some noise in this industry. Today\u2019s collaboration with Visa will help anchor our Banking in a Box offerings for consumers, small businesses, and community banks.\u201d<\/p>\n Through Figure Pay, companies can quickly get to market with payment, banking, and card solutions, leveraging the Provenance Blockchain, a production open-source blockchain<\/a> built specifically for the financial services industry.<\/p>\n \u201cVisa 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,\u201d said Todd Brockman<\/strong>, SVP and global head of issuing solutions at Visa.<\/p>\n \u201cThrough a strategic collaboration with Figure, we\u2019re excited to leverage the value of blockchain to deliver more efficient financial services to their retail, banking and fintech clients.\u201d<\/p>\n 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.<\/p>\n In addition, the platform provides dynamic authorisation routing, which allows a partner\u2019s customers to authorise against cash balances, reward balances or invoke buy now, pay later (BNPL) on any transaction when approved for credit.<\/p>\n<\/div>\nThe platform<\/strong><\/h5>\n