Card issuing platform Marqeta is partnering with global money transfer giant Western Union and will integrate into Western Union’s digital banking platform in Europe.
Western Union’s digital banking platform offers a real-time multi-currency digital wallet, and with Marqeta’s card issuing platform, customers will have access to Western Union’s entire remittance service online with funds paid out to a physical or virtual Visa card, according to a press release emailed to PYMNTS on Tuesday (June 7).
Related: Klarna Intros Physical Visa Card With Issuing Platform Marqeta
The tie-up capitalizes on Marqeta’s open API card issuing platform while enabling Western Union to handle the workflow with real-time insights into card activity. With Marqeta, Western Union can offer its digital banking users a global payments solution that can be easily tailored.
“Given our global footprint and strong reputation, any new service has to be extremely robust, resilient, scalable and secure. It is vital to do this right and work with best-in-class providers, and it was clear that Marqeta was a great choice for card issuing,” said Western Union Chief Data and Innovation Officer Tom Mazzaferro. He explained that the company teamed with Marqeta because of its functionality and the “flexibility to enter new markets with ease.”
Marqeta also has features that meet the needs of Western Union’s digital banking customers, Mazzaferro added.
Read more: Western Union Reports Increasing Digital Transfer Revenue in Q1
This flexibility of Marqeta’s platform also gives Western Union the ability to add features as needs come up, which means Western Union’s digital banking customers can expect an extensive range of digital solutions in the future.
“Western Union has been a pioneer in payments, helping to bring people closer together wherever they are through their international money transfer services,” said Anna Porra, European strategy director at Marqeta Europe.
Porra added that the project was complex and challenging but ended with a great product that both teams developed together.
“At a time when customer expectations are rising, creating a data-driven solution that leverages modern card issuing technology, as well as the expertise of an ecosystem of global partners, is critical to help gain a share of wallet,” Porra said.
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