Western Union’s digital banking platform is leveraging the flexibility of Marqeta’s global modern card issuing platform.
Marqeta (NASDAQ: MQ), the global modern card issuing platform, has teamed up with Western Union, global leader in cross-border, cross-currency money movement and payments, to integrate its solution into Western Union’s next generation real-time multi-currency digital wallet and digital banking platform in Europe. Marqeta’s modern card issuing platform will allow Western Union’s entire remittance service to be offered online, with funds disbursed to a physical or virtual Visa card. This will enable Western Union to extend its relationship with its customers, creating a new banking experience by connecting cards to Western Union’s new digital payment platform.
Marqeta’s open API card issuing platform will allow Western Union to manage the complex payment card issuing and processing workflow and give Western Union real-time insights into its customers’ card activity. By integrating with Marqeta, Western Union will be able to deliver a seamless payment experience to its digital banking customers that can be replicated and customised easily across international markets. This flexibility also enables Western Union to extend its features as needed, opening the door to the delivery of a wide range of digital banking services for Western Union customers in the future.
“Given our global footprint and strong reputation, any new service has to be extremely robust, resilient, scalable and secure. It is vital to do this right and work with best-in-class providers and it was clear that Marqeta was a great choice for card issuing,” said Tom Mazzaferro, Chief Data & Innovation Officer at Western Union. “The Marqeta platform delivers all the functionality needed to support the goals of our new digital banking program, alongside the flexibility to enter new markets with ease and design new features that meet the needs of our customers.”
Western Union connects millions of consumers to their families and loved ones, as well as to the world economy, across more than 200 countries and territories and in over 130 currencies. The company has a truly diversified omni-channel offering, bridging the digital and physical worlds with a global retail agent network consisting of hundreds of thousands of locations, combined with one of the largest cross-border, person-to-person digital global networks, reaching billions of bank accounts, as well as millions of digital wallets and cards.
“Western Union has been a pioneer in payments, helping to bring people closer together wherever they are through their international money transfer services. We are thrilled to be working together on this exciting new venture for their European business and to be driving forward with such a well-respected international brand,” said Anna Porra, European Strategy Director at Marqeta Europe. “This hugely complex project was an exciting challenge, so we are very proud of the product we have all built. At a time when customer expectations are rising, creating a data-driven solution that leverages modern card issuing technology, as well as the expertise of an ecosystem of global partners, is critical to help gain a share of wallet.”
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.