Marqeta for Banking is anchored by modular deposit account and money transfer capabilities, all integrated into Marqeta’s modern card issuing platform, enabling businesses to design and embed end-to-end banking products
Marqeta Introduces Marqeta for Banking. (Credit: rupixen.com on Unsplash)
Marqeta (NASDAQ: MQ), the global modern card issuing platform today announced the release of Marqeta for Banking, a portfolio of seven banking products, continuing the expansion of Marqeta’s modern card issuing platform. Marqeta for Banking provides customers with a full set of account, ACH, instant funding and direct deposit products offered through Marqeta’s bank partners, enabling them to build complete banking propositions for their end users on Marqeta’s market leading platform. With Marqeta for Banking, businesses can utilize more than 40 new banking APIs and create customized banking services with the same level of flexibility and control provided by Marqeta’s card issuing solutions. Marqeta for Banking includes new Demand Deposit Accounts (DDA), Direct Deposit with Early Pay, ACH with Plaid Integration, Cash Loads and Fee-Free ATMs, Bill Pay and Instant Funding capabilities.
“Consumers increasingly expect their financial services to be digital-first and mobile friendly, delivered by a brand they trust,” said Jason Gardner, Founder and CEO of Marqeta. “This is especially true for a rising generation of consumers who are less likely to have visited a physical bank branch or use a plastic card, and will instead begin their banking relationship on a mobile phone, which is doubling as a payment tool. Marqeta for Banking is fully designed to help customers meet the needs of today’s changing behaviors while building products for tomorrow’s consumer.”
Against a backdrop of accelerating digital transformation, financial services are becoming modular and embedded within the consumer journey, presenting the opportunity for brands to drive loyalty and new user experiences. According to Marqeta’s 2022 Consumer Money Movement Report, more than a quarter (26%) of consumers surveyed who use a traditional financial institution as their primary bank also have a bank account with a digital bank, demonstrating the growing demand for digital banking solutions. Marqeta’s investment in banking capabilities empowers a diverse set of companies and use cases, including brands that are looking to launch card products and provide financial services and money movement functionality, fintechs launching new and differentiated banking experiences, and financial service firms looking to unlock new and unique banking features or migrate an existing banking offering to a more modern tech stack.
“Integrating our modern card issuing with Marqeta for Banking’s feature set, we see as key to catalyzing the flywheel of engagement across the entire cardholder journey by integrating our existing platform with new money movement features,” explained Simon Khalaf, CPO at Marqeta. “The expansion of our platform into banking services opens up new use cases for our customers, and helps them build virtual banking solutions that provide more instant access to finances and can be embedded into apps consumers love.”
Marqeta for Banking products are all currently available in the US, with Bill Pay and Instant Funding, expected in beta in early 2023. Customers, including Coinbase, Branch and Fold, are already leveraging elements of the Marqeta for Banking product set listed below, bundled with card issuing and processing services, illustrating the flexible nature of this product expansion.
Source: Company Press Release