Financial technology provider Figure Technologies has established a new business, called Figure Payments, to cater to the banking and payment firms.

Figure Payments subsidiary Figure Pay will provide banks and payment companies with banking-as-a-service (BaaS) solution.

In order to offer the solution, Figure Pay will use a scalable, application programming interface-based platform that can be deployed easily.

Figure Pay has option for two platforms, one of which will cater to fintech, non-banks, and retailers, while the other will focus on banks.

Figure Pay plans to deliver a complete range of solution, such as the BaaS core system, Visa issuer processing, regulatory requirements via Figure Pay, for its non-banking platform. If required, back-office necessities including employees will also be provided through the platform.

These services will be provided free of cost, without any monthly charges or minimums, informed Figure.

For its platform designed to serve banks, Figure Pay aims to provide only the commercially available technology that help with the transition of tokenised deposit construct, USDF.

Figure noted that its technology is developed using the Provenance blockchain. The solution is designed to enable real-time interbank payment processing for both peer-to-peer (P2P) and merchant dealings.

Commenting on the company, Figure Technologies CEO and co-founder Mike Cagney said: “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 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.”

Last month, Figure formed a partnership with Visa to offer issuing processing solutions through its banking in a box platform.