Digital payments startup Marqeta on Monday launched a portfolio of seven banking products under the name Marqeta for Banking, its greatest of all time product expansion.
“Today when you think about banking, about your own personal finances, you constantly go from one [tools]the company’s chief technology officer, Randy Kern, told Banking Dive at the Money20/20 conference in Las Vegas. “Whether it’s your bank or a bill you’re going to pay, you have to interact in many different systems. They are all disjointed. But it’s my money. This is my personal financial world. One of the things that a lot of our customers are trying to innovate on is a much more holistic experience in the context of everything you do.”
Marqueta for Banking includes new current accounts, which non-bank the ability to hold money in accounts as traditional institutions can; direct deposit with prepayment, which allows customers to receive their funds up to two days earlier and allows banks to decide eligibility for prepayment on a user-by-user basis; and Automated Clearing House (ACH) with Plaid integration, which uses At Marqueta long-standing partnership with Plaid to verify external accounts during interbank payments and allows them to happen faster than traditional ACH payments.
Two other solutions, cash top-ups and fee-free ATMs, make it easier for customers to withdraw and withdraw money to and from the end user at 85,000 ATMs and 180,000 banking institutions in detail, respectively.
Marqueta for Banking will launch two additional solutions – Bill Payment and Instant Funding – in beta next year. End users will be able to pay their bills from a growing directory of businesses without having to leave their banking app. They will also be able to immediately finance their white label Marqueta accounts – which could offer unique benefits such as bitcoin rewards – with funds paid by debit from their traditional bank accounts.
Rather than waiting for funds to arrive via ACH payments, Marqueta customers using instant funding can spend money on account onboarding, which will be “a huge differentiator,” Raul said Leyva, At Marqueta Ddirector of product management.
“We brought a level of innovation and speed to [money movement]”Why the hell did we sit around and wait for the money to move? This is ridiculous.”
More than a quarter of customers who use a traditional financial institution as their primary bank also have an account with a digital bank, according to At Marqueta 2022 Consumer Money Flow Report.
“Consumers increasingly expect their financial services to be digital-first and mobile-friendly, delivered by a brand they trust,” Jason Gardner, CEO of Marqeta, told Money20/20. . “This is especially true for a rising generation of consumers who are less likely to have visited a physical bank branch or used a plastic card, and will instead begin their banking relationship on a mobile phone, which doubles as a tool of payment.”
Marqeta for Banking, he said, is “entirely designed to help customers meet the needs of today’s changing behaviors while creating products for the consumer of tomorrow.”
Simon Khalaf, At Marqueta Chief Product Officer, said the company’s expansion into banking services “opens up new use cases” for its customers and “helps them create virtual banking solutions that provide more instant access to finance and can be integrated into the apps consumers love.”
“The integration of our modern card issuance with Marqueta for the Banking feature set, we consider it essential to catalyze the flywheel throughout the cardholder journey by integrating our existing platform with new money movement features,” did he declare.