Marqeta (NASDAQ: MQ), the modern global card issuance platform, today announced a significant expansion of its credit platform with an intuitive new dashboard and over 40 new credit APIs that allow customers to design, test and launch differentiated credit card experiences. Marqeta’s credit platform offers customers greater flexibility and control than traditional credit solutions, with customers also having the option to leverage First National Bank of Omaha’s core program management and banking capabilities ( FNBO) alongside these new features.
Demand for credit cards has continued to grow as consumer spending habits that have evolved during the pandemic have become more cemented, but the technology behind credit cards has largely not kept pace. rhythm. More than a quarter of U.S. consumers applied for a new credit card in the 12 months to October 2021, up from 15.7% in October 2020, according to New York Fed data.1 The increased demand for credit cards creates more opportunities for businesses to stand out from the competition and offer enticing rewards to meet unique consumer needs, maintaining existing customer bases and attracting new ones.
“Launching credit card programs has always been long and inflexible, especially for large banks, requiring months of manual configuration before development could even begin. And once the cards were in the market, it was often extremely difficult to make changes to the rewards or customer experience once development was complete,” said Randy Kern, Chief Technology Officer at Marqeta. “We have brought the power of modern card issuance to the credit card market to deliver much-needed innovation and give our customers increased agility to meet rapidly changing consumer demands. With these new features offered with FNBO, our customers benefit from a much more intuitive experience and can leverage APIs to design engaging card programs with personalized rewards, digital experiences, and fast onboarding. Additionally, when consumer preferences change, these card programs can be seamlessly updated to meet new user expectations.
With these new credit capabilities, fintechs, brands, and banks can integrate directly with Marqeta’s APIs and leverage its dashboard and workflows to design and integrate a native credit card experience. . Key features include:
- Intuitive dashboard experience: A revolutionary “no-code” workflow will allow customers to configure key card settings, such as APRs, rewards and fees, with built-in approval and compliance controls, allowing businesses to launch cards faster and with more control than with the old one. solutions.
- Flexible Rewards Engine: Marqeta’s rewards tools allow customers to go beyond the traditional cash back rewards that are common in the market today. Customers can mix and match rewards based on merchant category spend and various cardholder behaviors, such as one-time payments. This allows them to implement new rewards options in real time, creating more opportunities for increased spend. For example, customers can reward users by investing in a crypto or investment account on their own platform or by making a payment on time to encourage healthy financial habits.
- Simplified authorization with gateway just-in-time (JIT) funding: Marqeta’s credit platform also now comes with its industry-leading gateway JIT functionality, allowing businesses to participate in the authorization of credit transactions. This opens up one-time spending use cases such as lowering recurring subscription spending, converting purchases into installment loans, or granting additional credit beyond a user’s current credit limit. .
- Instant decision making: Clients can now provide their users with an instant credit decision via Marqeta’s API connection to FNBO’s decision engine.
“FNBO has been a pioneer in the credit card landscape for decades, and by partnering with Marqeta, we continue to modernize our offering to capture new markets and support new brands that are at the forefront of innovation in financial services,” said Marc Butterfield, SVP, Innovation & Disruption for FNBO. “We are proud to work with Marqeta to help bring customizable and flexible credit card products that can set a new standard for what a credit card can be, and we look forward to unlocking even more potential with our Advanced program management capabilities through continued partnership with Marketa.
Learn more about Marketa’s credit card issuance platform here
About Marketa (NASDAQ: MQ)
Marqeta’s modern card issuance platform enables its customers to create personalized and innovative payment cards. Marqeta’s modern architecture empowers its customers to create more configurable and flexible payment experiences, accelerating time to market and democratizing access to card issuance technology. Marqeta’s open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that allows customers to launch and manage their own card programs, issue cards, and authorize and settle card transactions. payment. Marqeta is headquartered in Oakland, California, and is certified to operate in 39 countries around the world. For more information, visit+www.marqeta.com,+Twitter and+LinkedIn.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied by this press release include, but are not disclaimers, citations and statements relating to the capabilities and adoption of credit card products and services of Maqeta, its customers and its partners; Marqeta’s relationship with FNBO, respectively; and business prospects for Marqeta, its customers and partners. Actual results may differ materially from the expectations contained in such statements due to risks and uncertainties, including, but not limited to, the following risks: risks to the continued partnership between Marqeta and FNBO, respectively ; the risk that Marqeta may not be able to further attract and retain its base customers; the risk that consumers may not perceive the benefits of Marqeta’s products and services; the risk that Marqeta’s products and services may not perform as intended; the risk that Marqeta’s products and solutions will not achieve expected market acceptance; the risk that competition will reduce expected demand for Marqeta’s products and services; the effect of uncertainties related to the global COVID-19 pandemic on the U.S. and global economies and demand for Marqeta’s products and services; and the uncertainties and direct and indirect effects of the significant military action against Ukraine launched by Russia, including threats of attacks against US financial institutions in retaliation against financial institutions for sanctions imposed against Russia. Detailed information about these risks and other factors that could affect Marqeta’s business, financial condition and results of operations are included in “Risk Factors” disclosed in Marqeta’s Quarterly Report on Form 10-Q. for the quarterly period ended March 31, 2022, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqueta’s website at http%3A%2F%2Finvestors.marqeta.com. The forward-looking statements contained in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update forward-looking statements, except as required by law..
First National Bank of Omaha (FNBO) is a leader in credit card partnerships, with partners in a variety of industries, including retail, travel, entertainment, automotive, oil, non-profit organizations and more. For over 60 years, FNBO has specialized in providing comprehensive credit card programs with personalized service to help customers achieve their goals. Visit map.fnbo.com for more information on FNBO, or bendbyfnbo.com to learn more about FNBO’s new credit card-as-a-service efforts.
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