Figure’s Innovative Banking in a Box Platform Utilizes Provenance Blockchain
Figure Technologies, Inc., a leader in transforming financial services through the power of blockchain technology, announced the launch of its partnership with Ready Life, a rising fintech disrupting the mortgage industry. Through their mobile app, customers of Ready Pay can apply to obtain a mortgage without a credit score, leveling the playing field for many consumers looking to own a home.
On the Ready Pay platform, customers who pay their rent on time using the Ready Pay Visa Debit Card or Ready Pay digital account will qualify for mortgages without a credit score review. The app, powered by Figure Payments Corporation, will be first released to a wait list of customers.
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“For too long, people who consistently pay their rent on time have been shut out of home ownership,” states Ashley D. Bell, the CEO of Ready Life. “As we make banking and financial services accessible and equitable for all, we are aiming to open homeownership to many more people, providing them a chance at the American dream and fundamentally changing how people view mortgages.”
In September, Figure announced the launch of its new banking and payment business. Figure Payments Corporation, known as Figure Pay, delivers Banking as a Service (BaaS) offerings through a highly scalable, quickly deployable API-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 support, and a complete back office, including staff, if required.
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“With the launch of Ready Pay, Figure is able to highlight how our technology serves as a banking and payments solution for consumers who have struggled to obtain a traditional mortgage,” says Tony Morosini, Figure Pay’s General Manager. “Our capabilities have proven successful, and we will continue to find new ways to provide services that consumers need.”
Figure and Ready Life have selected Provenance Blockchain, where all transactions will be recorded. Provenance is purpose-built for financial services, and today more than 50 financial institutions actively issue, manage, and transact real-world assets in natively digital format at scale across alternative assets, capital markets, lending, and payments.