Following this announcement, both companies will focus on developing a card-led instalment platform that will enable issuers to offer flexible instalment plans for credit and debit cardholders across the region of Europe. Banks and financial institutions will be enabled to deliver instalment payments on cards in order to meet the needs, demands, and expectations of customers for more secure and flexible digital payment experiences.
In addition, Credi2’s platform for loan originations, servicing, and account management is set to integrate with Marqeta’s modern card issuing platform in order to allow banks to design flexible payment card programs that follow digital trends, as well as to issue and process virtual cards. Furthermore, banks will be given the possibility to go to market in a quicker way, with an end-to-end instalment service for their debit and credit card holders. This means that financial institutions will have the possibility to save time and resources.
Through the process of integrating payments directly to the bank’s application, users will be able to benefit from optimised flexibility while also using instalment payments both in-store and online. Cardholders will be allowed to choose to make the purchase in instalments either before the purchase is made, or post-purchase, with the client splitting the payment directly in their banking application. At the same time, the service will incorporate smart budgeting and responsible lending by linking to the already existing card limit for each of the bank’s cardholders.
US-based global card issuing platform Marqeta had multiple collaborations and developments in the last couple of months, covering several different geographic areas around the world.
In October 2023, Marqeta announced the launch of a new credit card platform in order to optimise the manner in which companies develop and improve customer engagement and design loyalty strategies. The new development was expected to establish a comprehensive and secure service for launching both client and commercial credit programmes, as it also allowed businesses and brands to foster increased user loyalty through personalised regards while taking full control of the client experience.
In addition, Marqeta’s expanded credit capability was set to solidify the platform as an all-encompassing tool for Embedded Finance, accommodating various card types and formats within the same place. Clients and users were given the ability to design personal credit card products that were developed to optimise the engagement of the cardholder, without the need to contend with outdated legacy technology or to piece together services from several vendors.
Earlier in the same month, Marqeta announced its partnership with Motive in order to launch the new Motive Card and to deliver customers up to 10% savings. The Motive platform was developed to combine several services and tools in one place, such as equipment monitoring, fleet management solutions, driver safety, as well as spend management. By connecting operations end-to-end, Motive provides its clients with optimised visibility and control, as well as reduced workloads by automating and simplifying features and tasks.
According to the press release published at the time, Motive chose Marqeta as its collaborator because of its ability to integrate fleet payments into its platform in a secure and effective manner, which also aimed to allow customers to manage their overall fleet in an improved way.
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