Global card issuing platform Marqeta has unveiled the Docs AI tool to streamline the process of launching Embedded Finance solutions.
Apart from the introduction of Marqeta Docs AI, the company has also disclosed initial findings from its internal code generation tool, which exhibited some potential in reducing coding and testing workload. These innovations mark the initial strides towards integrating generative artificial intelligence capabilities within the Marqeta platform, aimed at expediting value delivery to its clients.
Marqeta Docs AI functions as an AI-powered tool using OpenAI's Large Language Models. It allows Marqeta customers to efficiently navigate the Marqeta Docs site, offering a platform where queries can be raised and responses obtained for specific use cases. This facilitates a swifter comprehension of Marqeta's offerings and the intricacies of devising payment solutions. Currently in a beta testing phase, Marqeta Docs AI is projected to attain general availability later in 2023.
In late 2022, a surge in interest towards generative AI gained momentum across various sectors, including a heightened demand for dynamic AI solutions within the financial services sphere.
According to Market.us projections, the generative AI market in fintech is poised to exceed USD 6.25 billion by 2032, growing from USD 865 million in 2022. Marqeta's release of its external-facing generative AI tool highlights its rapid capability to innovate and introduce novel AI solutions, with intentions to introduce further tools in the future.
In the official press release, representatives from Marqeta noted that generative AI has attained global prominence, with many companies considering its utility in augmenting productivity and output. In essence, the release of Marqeta Docs AI aims to pave the way for potential additional tools that expedite value realization for Marqeta's clients.
Marqeta's platform provides businesses with inventive embedded finance solutions encompassing virtual and physical card issuance, processing, digital banking, Buy Now, Pay Later services, Accelerated Wage Access, and expense management. Before the external-facing tool's launch, the company unveiled an internal code generator and performed tests within a designated team.
Apart from these recent developments, Marqeta has also been focusing on its expansion to various parts of the world, including Brazil. In July 2023, Marqeta partnered with Latin American BaaS platform Fitbank, which provides a custom-built, cloud-native, complete banking and credit infrastructure to thousands of customers, and is among the first modern platforms to be licenced by the Central Bank and directly integrated with PIX.
Through this partnership, Marqeta is set to act as Fitbank’s tech platform to support local card issuance and card payment processing in Brazil. Additionally, Fitbank will serve as Marqeta’s local BIN sponsor and BaaS provider.
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