Figure Technologies, Inc., a pioneer in financial technology, transforming banking through blockchain, announced the launch of its new banking and payment business, Figure Payments Corp. Known as Figure Pay, the subsidiary of Figure will deliver Banking as a Service (BaaS) offerings through a highly scalable, quickly deployable application programming interface-driven platform.
Figure Pay offers two platform alternatives, one focused on fintech, non-banks, and retailers, and one for banks.
For Fintechs, non-bank lenders, and retailers, Figure Pay offers a comprehensive solution, including the BaaS core system, Visa issuer processing, regulatory cover through Figure Pay, and a complete back office including staff, if required. All key services and technology are owned and managed by Figure, with no monthly fees or minimums.
For banks, Figure offers the only commercially available technology supporting the transition processing of USDF, a tokenized deposit construct offered by banks which are part of the USDF Consortium. The Figure technology is built on the Provenance blockchain, and provides real-time interbank transaction processing for both P2P and merchant transactions, allowing banks to offer real-time payment capabilities to their consumer and merchant customers.
“With Figure Pay, we were able to develop a solution to what we saw as a gap in banking and payments,” said Tony Morosini, Figure Pay’s general manager. “Our solution has been battle tested via our own direct to consumer banking application Figure Pay, and this experience led us to build what we knew the market needed.”
“Retailers and fintechs have been searching for cost-effective solutions to bring the financial services ecosystem into the modern world,” said Mike Cagney, CEO and co-founder of Figure Technologies, Inc. “Ultimately, as blockchain is further adopted in the financial services industry, consumers will see benefits of this modern solution. “Our team’s combined years of experience in the industry have culminated in a business and products ready to address these needs.”
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