As per the information detailed in the press release, Internet Travel Solutions intends to leverage Marqeta’s comprehensive credit card platform to introduce a multi-use travel and expense (T&E) commercial credit card for the mid-sized business market. Considering that business travel to the US is reaching pre-pandemic levels, with approximately USD 237 billion in spending projected in 2024, as well as the shift towards digital services, businesses now require flexible expense management tools that meet their evolving needs.
Internet Travel Solutions’ development strategy
The press release underlines that ITS entered a strategic collaboration with Marqeta to develop customisable credit card solutions that can support businesses in simplifying expenses, accessing capital, and increasing operational efficiency. By leveraging Marqeta’s credit card platform, ITS receives control over the customer experiences through a unified tech stack and program management capabilities, allowing the company to create credit solutions tailored to individual business needs. According to ITS’ officials, the company aims to improve how businesses manage corporate travel expenses and, by using Marqeta’s configurable credit card platform, it can develop an offering that meets the specific needs of its corporate clients. Moreover, creating its T&E credit card on Marqeta’s platform provides ITS with access to a full suite of credit card capabilities and the flexibility and control to develop, launch, and scale branded credit solutions that integrate into its digital experience.
Furthermore, as a participant in the travel and expense management industry, ITS’ corporate card program solutions, EasyCard, focus on enabling businesses to accomplish the diverse payment service requirements of their employees across several roles and functions. The use of Marqeta’s services enables ITS to have access to real-time card issuing, live transaction data, and spend controls that support the development of dynamic credit card offerings and rewards. Also, ITS receives flexibility and extensibility to introduce a payments platform that is set to assist and increase its products as it expands its operations.
Representatives from Marqeta underlined that, as corporate travel rises, businesses need to have access to customised credit solutions that eliminate difficulties and complexity for users and simplify expense management capabilities. The partnership between Marqeta and ITS supports both companies’ commitment to provide dynamic and embedded credit experiences that encourage customer loyalty and establish lasting relationships.
Marqeta’s capabilities
With its card issuing platform, Marqeta intends to allow its customers to develop tailored and enhanced payment cards and Embedded Finance offerings. Enabled by open APIs, the company’s platform aims to offer customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratising access to card-issuing technology. With its operations based in the US, Marqeta is certified to operate in more than 40 countries globally.
