New York Community Bancorp (NYCB) has entered into a strategic relationship with Figure Technologies to work together on blockchain initiatives, according to a press release.
The companies will be using their relationship to add more financial inclusion in banking and credit, cut down costs in the mortgage business and engineer a faster, more inclusive payments system, the release stated.
Figure is headed by Mike Cagney, a co-founder of the company, who was also a FinTech industry pioneer, according to the release. He helped develop Provenance, which is an open source blockchain technology intended to be used for the financial sector to help multiple asset classes and markets.
NYCB Chairman, President and CEO Thomas R. Cangemi said in the release the partnership plans to expound upon blockchain’s potential in the banking sphere.
“NYCB recently stood up a Provenance node and, with Figure’s assistance, is building the necessary infrastructure to leverage numerous bank-relevant capabilities,” he said in the release.
Figure has developed several different blockchain-based lending and payments solutions, the release stated, including the first incarnation of the loan securitization feature on Provenance blockchain in March 2020.
“Figure’s blockchain applications built on Provenance have the potential to significantly transform the financial services industry,” Cagney said in the release. “We’re pursuing innovative blockchain solutions in fields such as payments, lending and exchanges. Last month, we announced a strategic agreement with Apollo Global Management, and now we are pleased to work with New York Community as an early adopter of Provenance.”
Figure was valued at $3.2 billion in May after raising $200 million in a Series D round.
Read more: Figure Valued At $3.2 Billion After $200 Million Funding Round
Financial institutions (FIs) are increasingly adopting blockchain solutions for processing transactions because of the technology’s ability to process in real time, save on costs and keep permanent records of exchanges.
New York Group Bancorp (NYCB) has entered right into a strategic relationship with Determine Applied sciences to work collectively on blockchain initiatives, based on a press launch.
The businesses will probably be utilizing their relationship so as to add extra monetary inclusion in banking and credit score, lower down prices within the mortgage enterprise and engineer a sooner, extra inclusive funds system, the discharge acknowledged.
Determine is headed by Mike Cagney, a co-founder of the corporate, who was additionally a FinTech trade pioneer, based on the discharge. He helped develop Provenance, which is an open supply blockchain expertise meant for use for the monetary sector to assist a number of asset lessons and markets.
NYCB Chairman, President and CEO Thomas R. Cangemi stated within the launch the partnership plans to expound upon blockchain’s potential within the banking sphere.
“NYCB lately stood up a Provenance node and, with Determine’s help, is constructing the mandatory infrastructure to leverage quite a few bank-relevant capabilities,” he stated within the launch.
Determine has developed a number of totally different blockchain-based lending and funds options, the discharge acknowledged, together with the primary incarnation of the mortgage securitization characteristic on Provenance blockchain in March 2020.
“Determine’s blockchain purposes constructed on Provenance have the potential to considerably rework the monetary companies trade,” Cagney stated within the launch. “We’re pursuing revolutionary blockchain options in fields similar to funds, lending and exchanges. Final month, we introduced a strategic settlement with Apollo World Administration, and now we’re happy to work with New York Group as an early adopter of Provenance.”
Determine was valued at $3.2 billion in Could after elevating $200 million in a Sequence D spherical.
Learn extra: Determine Valued At $3.2 Billion After $200 Million Funding Spherical
Monetary establishments (FIs) are more and more adopting blockchain options for processing transactions due to the expertise’s capability to course of in actual time, save on prices and maintain everlasting data of exchanges.