Marqeta introduces Marqeta for Banking, expanding its modern card issuing platform
By Edlyn Cardoza
Marqeta, a global modern card issuing platform, 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 complete set of accounts, ACH, instant funding and direct deposit products offered through Marqeta’s bank partners, enabling them to build comprehensive banking propositions for their end users on Marqeta’s platform.
With Marqeta for Banking, businesses can utilise more than 40 new banking APIs and create customised 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.”
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.
Marqeta for Banking products are available in the US, with Bill Pay and Instant Funding, and is 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.
“We first utilised Marqeta’s platform to help bring Coinbase Card to market, providing our customers the ability to earn crypto rewards and easily make everyday purchases with their crypto,” said Sanchan Saxena, Vice President, Retail Product at Coinbase. “As we continue our commitment to building safe, trusted, and easy-to-use products that make spending and earning cryptocurrency seamless, we’ve seen many benefits from the flexibility of Marqeta’s banking as a service tools.”
Similar to Marqeta’s card issuing platform, Marqeta for Banking APIs were built from the ground up, providing customers with the flexibility and speed they need to launch innovative banking propositions that appeal to consumers. With well-documented APIs, real-time data insights and a customisable platform, Marqeta for Banking customers can customise and deliver differentiated banking experiences to their users at scale.
“Marqeta for Banking’s modular Direct Deposit API has expedited our ability to bring the convenience of direct deposit to our platform,” said Will Reeves, CEO and Co-Founder at Fold. “Our customers are attracted to our innovative and highly engaging cryptocurrency rewards program, and leveraging Marqeta’s banking product capabilities enables us to focus on delivering that core value proposition to them.”
IBSi Daily News Analysis
February 28, 2024
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage