Global card issuing platform Marqeta on Thursday (May 19) partnered with technology-focused bank Evolve Bank & Trust in a move that improves the company’s Banking-as-a-Service (BaaS) speed for customers and allows them to access Marqeta’s full program management capabilities.
Evolve works with FinTechs through a wide variety of services, including a dedicated Open Banking division, the company press release says.
“We strive to empower our customers’ ability to grow and diversify their businesses through innovative card programs on our platform, and by expanding our bank partnerships, we provide more flexibility and scalability for the future,” Salman Syed, Marqeta senior vice president and general manager of North America, said in the joint press release.
“Given our own focus on digital banking and money movement, Evolve’s dedication to powering FinTechs makes them a strategically important partner for us and we’re looking forward to building customer programs together with Evolve,” he continued.
As Marqeta’s U.S. bank partner, Evolve will support the company’s program management capabilities, including BIN management, on-demand fulfillment, compliance reporting and settlement services as a customer is guided through onboarding to launch a program in-market.
Customers will benefit from Marqeta and Evolve’s expertise, enabling them to accelerate their time to market and implement a card program using modern card-issuing and processing technology through this partnership. The addition of Evolve allows Marqeta to find the best match for a customer’s specific needs, to streamline operations and derive more value for each customer program, the release said.
“As an experienced fintech sponsor bank, we seek partnerships that align with our values and support our mission of helping forward-thinking, disruptive companies expand their financial capabilities to accelerate their growth,” said Hank Word, president of the Open Banking division at Evolve.
In April, Marqeta introduced a new product suite called RiskControl that the company said will help customers that use its card-issuing platform fight fraud — a problem that expected to generate losses of $400 billion over the next 10 years.
Related: Card-Issuing Platform Marqeta Launches Risk Management Suite
One feature is a set of “finely tuned transaction controls” that Marqeta stated will help curtail payment fraud. RiskControl also includes updated versions of existing Marqeta products.
RiskControl is a suite of four products: a know your customer (KYC) identity verification system; a real-time decisioning solution to manage payments fraud; a 3D Secure tool to authenticate online transactions; and a disputes tool to manage disputes and chargebacks.
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