According to the official press release, the fee-free virtual card – issued by Pathward – is launched in partnership with Visa and Marqueta.
The new card allows customers to receive payments and make purchases worldwide. More precisely, Veem’s Virtual Card seeks to enable businesses to manage their spending by transforming incoming payments into cards that can be used anywhere Visa is accepted.
Officials from Marqeta emphasised in the official statement that the card addresses a pain point for SMEs when it comes to facilitating the management of their spending. They further added that, via this collaboration, Marqeta’s platform enables Veem to launch virtual cards through its open APIs and, thus, cater to the needs of its cardholders.
Veem is a provider of global accounts payable and receivable solutions that extends its services to over 800,000 businesses in more than 100 countries. The company designs payment tools for small businesses and adheres to compliance and data protection practices.
In late 2022, the company teamed up with Finastra to provide businesses payments through a direct connection to Finastra's Fusion Digital Banking Platform. Via this collaboration, Veem and Finastra sought to offer payment solutions to SMBs by using automated electronic billing and payment features.
Marqeta is a card issuing platform that enables its customers to create customised payment cards. By leveraging its platform, powered by open APIs, its customers can build configurable and flexible payment experiences. Consequently, this is said to accelerate product development and to democratise access to card-issuing technology.
As per the official statement, Marqeta's architecture enables customers to access scalable, cloud-based payment infrastructure to launch and manage their own card programmes, issue cards, and authorise and settle transactions.
In 2023, the card issuing platform announced multiple partnerships – with Giftbit, Vivian, and Whistle – for its Embedded Finance expansion. As part of this expansion, Marqeta also introduced the Docs AI question and answer tool.
Pathward, a subsidiary of Pathward Financial, is a US-based national bank that purportedly seeks to power financial inclusion through Banking-as-a-Service (BaaS) and Commercial Finance business lines.
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