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 platform.
With Marqeta for Banking, businesses can utilise more than 40 new banking application programming interface (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.
Marqeta for Banking products are all currently available in the US, with Bill Pay and Instant Funding, expected in beta in early 2023. Customers are already leveraging elements of the Marqeta for Banking product set, bundled with card issuing and processing services, illustrating the flexible nature of this product expansion.
Marqeta for Banking product set contains:
Demand Deposit Accounts (DDA) provides a traditional bank account experience tied to a debit card, adding to Marqeta’s existing prepaid account capabilities. DDAs are offered by an FDIC-insured institution and come with higher spend limits and no maximum balances.
Direct Deposit and Early Pay allow its customer’s end users to receive their funds with the added option of enabling Early Pay to provide access to wages, up to two days early. Marqeta’s Early Pay feature will give Marqeta’s customers a new level of control, enabling them to decide eligibility on a user-by-user basis.
ACH with Plaid integration enables ACH payments between bank accounts verifies external accounts using Marqeta’s existing integration with Plaid. Customers can also leverage real-time webhooks across the ACH lifecycle and allow them to manage risk by configuring time to funds availability.
Cash Loads and Fee-Free ATMs enable its customers to provide a physical branch-like experience to complement their digital banking offerings. Fee-free ATMs give its customer’s end users free access to their cash at over 85,000 ATMs via the Allpoint and MoneyPass networks. Cash Loads also allows end users to deposit cash into their account at a network of over 180,000 retail locations with funds available to spend immediately.
Bill Pay will enable end users of Marqeta customers to pay their bills from a directory of billers without having to leave their banking app. Customers using Bill Pay will be able to power multiple forms of payment for their end users with the ability to earn additional revenue.
Instant Funding will enable Marqeta customers’ end users to fund their accounts using an external debit or prepaid card instead of having to wait for funds to arrive via alternative funding methods such as ACH, driving immediate spend at account onboarding.
Similar to Marqeta’s card issuing platform, Marqeta for Banking APIs were built from the ground up, providing customers the flexibility they need to launch 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.
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.
Beyond the point of sale, consumer preferences are evolving rapidly as people adjust to a post-pandemic normal that blends old and new purchase behaviours.
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