Marqeta (NASDAQ: MQ) has announced a new and improved platform for its clients. The card issuing provider states that it has added over 40 new credit APIs to create and launch new credit card “experiences.” Marqeta’s says it now provides customers with greater flexibility than legacy credit solutions, with customers also having the option to leverage First National Bank of Omaha (FNBO)’s leading program management and banking capabilities alongside these new features.
Marqeta reports that a quarter of US consumers applied for a new credit card in the 12 months prior to October 2021—up from 15.7% in October 2020. The increased demand for credit cards creates more opportunities for businesses and correspondingly Marqeta.
Randy Kern, Chief Technology Officer at Marqeta, said that historically launching a credit card has been time consuming and inflexible taking months of manual configuration. Once a card is launched it is difficult to make any changes – this is where Marqeta steps in to improve the process:
“We’ve brought the power of modern card issuing to the credit card market to bring much needed innovation and give our customers increased agility to respond to rapidly changing consumer demands. With these new features offered with FNBO, our customers have a much more intuitive experience and can leverage APIs to design compelling card programs with personalized rewards, digital-first experiences, and fast onboarding. In addition, when consumer preferences change, these card programs can be seamlessly updated to meet users’ new expectations.”
The new features include a no-code workflow, compliance checks and more. Rewards can go beyond cash back offerings.
Marqeta quoted Marc Butterfield, SVP, Innovation & Disruption for FNBO, explaining that by partnering with Marqeta they have been able to modernize their offerings and pursue new markets:
“We’re 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 look forward to unlocking even more potential with our industry-leading program management capabilities through continued partnership with Marqeta.”