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Torpago partners with Marqeta

Monday 29 January 2024 11:20 CET | News

US-based card issuing platform Marqeta has partnered with Torpago and Sunwest Bank, a renowned entrepreneurial business bank, to launch Sunwest Visionary Card.

 

This Sunwest commercial credit card comes as an expense management solution, powered by Torpago and developed on Marqeta's card issuing API. Therefore, this product combines a cloud-native and event-driven infrastructure.

Marqeta has partnered with Torpago and Sunwest Bank, a renowned entrepreneurial business bank, to launch Sunwest Visionary Card

 

The Visionary Corporate Card platform solution

According to the official press release, community banks are essential pillars of the financial system, with around 97% of all banks in the US being community banks. These banks aim to support local businesses and neighbourhoods' growth and financial health. Moreover, a recent survey by Torpago indicates that 93.2% of US community banks acknowledge the significance of delivering customer experiences, particularly in digital and mobile banking.

Sunwest Bank views this collaboration with Torpago as a growth engine, allowing them to offer market-leading products under the Sunwest brand while deepening existing customer relationships and attracting new business. In addition, the bank aims to help clients by providing them with tools to grow and manage their business, such as The Visionary Corporate Card platform solution. 

As the press release further details, Torpago offers a bank-branded, low-code/no-code technology platform that includes end-to-end infrastructure, such as loan origination and underwriting, card issuing and fulfilment, fraud monitoring, web and mobile apps, expense management tools, third-party integrations, and account servicing software. Torpago also manages services such as compliance, cardholder support, and collections. In addition, Torpago’s card issuing, spend controls, and card fulfilment are made available via Marqeta APIs, with Sunwest being responsible for customer acquisition and leveraging its balance sheet. 

Commenting on this, Torpago said that Sunwest will leverage its technology platform to generate new income streams, attract deposits, and improve operating efficiency. Marqeta added that creating a delightful banking experience for customers is key to keeping them coming back for more and deepening their relationship with their bank. Thus, this collaboration is set to give Sunwest the tools it needs to build a differentiated solution from the ground up, enabling Sunwest to customise its card program and deliver a personalised experience for its cardholders.

More about Marqeta

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.

At the end of November 2023, Marqeta announced its partnership with Credi2 to provide new instalment capabilities for banks across Europe. Following this announcement, both companies focused on developing a card-led instalment platform to help issuers offer flexible instalment plans for credit and debit cardholders across the region of Europe.

A month prior, Marqeta announced the launch of a new credit card platform to optimise how companies develop and improve customer engagement and design loyalty strategies.


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Keywords: partnership, banking, corporate card, spend management
Categories: Banking & Fintech
Companies: Marqeta, Sunwest Bank, Target
Countries: United States
This article is part of category

Banking & Fintech

Marqeta

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Sunwest Bank

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Target

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