New York Community Bank Provides Real-Time Payment Processing Utilizing The Provenance Blockchain For Figure Technologies Inc. Secondary Trading
The Bank served as the financial intermediary between buyers and sellers of FTI digital shares by facilitating the payment process through the minting of a new digital marker, USDForward ("USDF"), the first to be used by a bank on the Provenance Blockchain. The initial set of transactions by the Bank validates the functionality of the Bank's digital marker payment platform as an important Provenance Blockchain decentralized finance ("DeFi") tool, supporting the Bank's plans to move forward with additional digital marker transactions and Figure's plans for expanding the DeFi ecosystem.
Commenting on the collaboration, the Company's Chairman, President, and Chief Executive Officer,
The Figure secondary trades using the Bank's digital marker represented the first transactions on the Figure ATS, which enables trading without the need for traditional intermediaries, and where settlement occurs in real-time vs. T+2 or longer on traditional exchanges. Secondary trading on the Figure ATS and the use of the Bank's digital marker involves onboarding all counterparties through the Bank's enhanced AML/KYC compliance process, with the Bank programmatically creating the USDF digital marker for use by its customers. In the initial use case, the USDF digital marker references fiat currency to facilitate real-time, bilateral settlement of trades and other transactions on the Provenance Blockchain. All of the trading conducted on the Figure ATS is done in compliance with applicable
"This is the first of a series of groundbreaking transactions we plan on doing with
Looking ahead, the Bank plans to participate, including as a consultant, in the development of the
Reflecting our growth through a series of acquisitions, the Company operates 236 branches through eight local divisions, each with a history of service and strength:
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages Provenance Blockchain for loan origination, servicing, financing, cap table management, and private fund services. The company was founded in 2018 by serial technology entrepreneur
About JAM FINTOP
JAM FINTOP is a joint venture between
JAM FINTOP Banktech raised
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to NYCB's beliefs, goals, intentions, and expectations regarding revenues, earnings, loan production, asset quality, capital levels, investments, strategic relationships, and acquisitions, among other matters; NYCB's estimates of future costs and benefits of the actions NYCB and each counterparty to a pending transaction may take; NYCB's assessments of probable losses on loans; NYCB's assessments of interest rate and other market risks; and NYCB's ability to achieve its financial and other strategic goals, including those related to the pending merger with Flagstar Bancorp and the strategic relationship and transactions with
Forward-looking statements are typically identified by such words as "believe," "expect," "plan," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time.
These forward-looking statements include, without limitation, those relating to the strategic relationship and transactions with Figure Technologies, Inc. and the plan to expand the availability of the USDF digital marker. Additionally, forward-looking statements speak only as of the date they are made; NYCB does not assume any duty, and does not undertake, to update such forward-looking statements. Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of NYCB. The factors that could cause actual results to differ materially include the following: the occurrence of any event, change or other circumstances that could give rise to the right of any of the parties to pending transactions to terminate the agreements governing such transactions; the outcome of any legal proceedings that may be instituted against NYCB or any other party to the transactions; the possibility that the transactions will not close or contemplated strategies will not be executed when expected or at all because required regulatory or other approvals are not received or other conditions to the closings are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the possibility that the anticipated benefits of the proposed transactions will not be realized when expected or at all; diversion of management's attention from ongoing business operations and opportunities; the possibility that NYCB may be unable to achieve expected synergies and operating efficiencies in or as a result of the proposed transactions within the expected timeframes or at all; revenues following the proposed transactions may be lower than expected; and the other factors discussed in the "Risk Factors" section of NYCB's Annual Report on Form 10-K for the year ended
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