Marqeta, a card issuing platform, has introduced a new service called Marqeta Reserve Financing, which is designed to help businesses incorporate a reserve financing option into their workflow, according to a release.
The new service was announced at the Money2020 conference in Las Vegas on Tuesday (Oct. 29).
The company aims to aid organizations that might struggle with the difficulties involved in the funding of a reserve account when launching a new payment card program.
When payment card programs are set up, issuing banks will generally require that there is a pre-funded reserve account that can handle prepaid card spend. The amount of money required can become a major issue for some companies, resulting in them overextending themselves or struggling to find funding.
Marqeta Reserve Financing works with existing working capital, which will exist next to Marqeta’s issuing platform. Marqeta customers will get detailed reports of capital and simple management processes. Companies can also ask Marqeta to take care of interest payments from the card programs, which will help with reserve fund management requirements.
“Reserve funding requirements can be a huge commitment for payments innovators operating at scale, and so we developed Marqeta Reserve Financing,” said Omri Dahan, chief revenue officer at Marqeta. “The reserve is always available when you need it, opening up new possibilities for customers. Coupled with our best-in-class modern card issuing platform, Marqeta Reserve Financing frees our customers to focus on what they do best: creating industry-defining payment and commerce experiences.”
On Monday (Oct. 28), Visa and Marqeta announced that they will team up to expand into 10 key markets in the Asia Pacific region, including Australia, Hong Kong, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.
This new partnership means that FinTech and other firms that wish to enter this market can enable new payment offerings for consumers and small businesses through a streamlined developer path.
Developer and FinTech partners can access Marqeta’s existing sandbox and publicly available APIs to test the products in Marqeta’s live sandbox. The solution also allows partners to work on user interfaces to trial a number of different payment solutions.