Marqeta, Torpago and Sunwest Bank launched Sunwest’s commercial credit card and expense management solution called Sunwest Visionary Card.
The new bank-branded offering is enabled by Torpago’s commercial credit card and spend management solutions, Marqeta’s global card issuing platform and Sunwest’s entrepreneurial business bank, according to a Thursday (Jan. 25) press release.
Torpago’s low-code/no-code Powered By platform provides infrastructure that includes loan origination and underwriting, card issuing and fulfillment, fraud monitoring, web and mobile apps, expense management tools, third-party integration and account servicing software, per the release.
Marqeta’s application programming interfaces deliver Torpago’s card issuing, spend controls and card fulfillment, the release said.
Sunwest, a commercial bank headquartered in Sandy, Utah, handles customer acquisition and uses its own balance sheet to provide the new Sunwest Visionary Card, according to the release.
“By equipping Sunwest with a powerful technology platform, we expect Sunwest to generate new income streams, attract deposits and improve operating efficiency,” Torpago CEO and founder Brent Jackson said in the release.
Marqeta Chief Revenue Officer Todd Pollak added that the new offering will enable Sunwest to build a differentiated solution, customize its card program and deliver a personalized experience to cardholders.
Larger businesses tend to use Torpago’s corporate card and spend management platform to get granular with their departments and budgets, while smaller businesses are more interested in the access to capital that it offers, Jackson told PYMNTS in an interview posted in April 2022.
At the time, more customers were looking for solutions like these to help mitigate the effects of inflation, he added.
“Definitely inflation is something that we’re seeing affect a lot of our customers,” Jackson said in the interview. “I’d say we’re just starting to see some of the ripple effects, and we’ll see how it continues to play out.”
Marqeta enhanced its credit card issuing platform in October, adding intuitive credit card program management tools and creating a “one-stop shop” for rolling out consumer and commercial credit programs.
“With this launch, brands can create a new standard for credit cards that encourage greater customer loyalty with personalized rewards, completely owning the experience for their customers from end-to-end,” the company said at the time.
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