Today at Money 20/20, our CEO Jason Gardner announced the launch of Marqeta for Banking, a portfolio of seven banking and money movement products that represents an expansion of Marqeta’s card issuing platform capabilities.
Marqeta for Banking is a full suite of accounts and money movement features that enable our customers to build complete banking propositions using more than 370 open APIs. The new set of banking products includes Demand Deposit Accounts (DDA), ACH with Plaid Integration, Direct Deposit and Early Pay, Fee-Free ATM, Cash Loads, Bill Pay and Instant Funding.
Marqeta for Banking’s accounts and money transfer products are currently in general availability or are available in beta in the US, with additional banking features opening in beta in late 2022 and early 2023.
Customers are already using at least one of the Marqeta for Banking products listed below, bundled with card issuing and processing services, illustrating the modular and flexible nature of this product expansion.
- Demand Deposit Accounts (DDA) provides a traditional bank account experience tied to a debit card, adding to Marqeta’s existing prepaid account capabilities. DDAs are FDIC-insured and come with higher spend limits and no maximum balances.
- Guides:
- Direct Deposit and Early Pay allow users to safely receive their funds with the added option of enabling Early Pay to provide faster access to hard-earned payroll, up to two days early. Marqeta’s Early Pay feature will give customers a new level of control, enabling them to decide eligibility down to the transaction level.
- API References:
- ACH with Plaid integration enables ACH payments between bank accounts and seamlessly and securely verifies external accounts using Marqeta’s integration with Plaid. Customers can also leverage real-time webhooks across the ACH lifecycle and allow firms to manage risk by configuring time to funds availability.
- API References:
- Cash Loads and Fee-Free ATMs enable customers to provide a physical branch-like experience to complement their digital banking offerings. Fee-free ATMs give users free access to their cash at over 85,000 ATMs via the Allpoint and MoneyPass networks. Cash Loads allow users to deposit cash into their account at a network of over 180,000 retail locations with funds available to spend immediately.
- API References to come
- Bill Pay will enable users to pay their bills from a growing directory of billers without having to leave their banking app. Customers will be able to power multiple forms of payment with the ability to earn additional revenue through card interchange.
- API References to come
- Instant Funding will allow users to instantly pull funds from an external debit or prepaid card instead of having to wait for funds to arrive via ACH, driving immediate spend at account onboarding.
- API References to come
*Marqeta is not a bank. Marqeta provides a technology platform to enable its customers to build out products using services offered by its bank partners
Want to find out more? We will be updating our documentation site with more Guides and API docs as we release more features. Subscribe to this thread to receive alerts for the latest documentation on Marqeta for Banking.
