Banking News

Figure Tech Launches Banking, Payment Business

FinTech Figure Technologies is launching a new banking and payment business called Figure Payments Corp., the company announced Wednesday (Sept. 7).

According to the announcement, Figure Pay, a subsidiary of Figure Payments Corp., will deliver Banking-as-a-Service (BaaS) offerings through a highly scalable, quickly deployable application programming interface (API)-driven platform. Figure Pay will offer two platforms: one focused on banks, and another focused on FinTechs, non-banks and retailers.

“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 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.”

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Per the release, Figure’s technology is built off the Provenance blockchain, “providing real-time interbank transaction processing for both [peer-to-peer] and merchant transactions.”

Mike Cagney, CEO and co-founder of Figure Technologies, noted: “Retailers and FinTechs have been searching for cost-effective solutions to bring the financial services ecosystem into the modern world.

“Ultimately, as blockchain is further adopted in the financial services industry, consumers will see the 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.”

In early August, Figure partnered with Visa to offer issuing processor services through Figure’s Banking in a Box online banking platform. The platform, which provides customers with “zero cost core system economics,” also integrates with Visa, ACH and rewards platforms.

Related: Figure Teams With Visa to Improve Banking in a Box Platform

“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,” Morosini said at the time. “We have everything a partner needs, including the technology, banking relationship, and operational components to make some noise in this industry.”

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