Marqeta Unveils Its First External-Facing Generative AI Tool

Marqeta has unveiled its first external-facing generative artificial intelligence (AI) tool.

The new Marqeta Docs AI is powered by OpenAI’s large language models (LLMs) and allows Marqeta customers to ask questions, find answers to individual use cases and more quickly gain an understanding of the products, the company said in a Tuesday (Aug. 15) press release. The tool is in beta and is expected to be made generally available later this quarter.

“The launch of Marqeta Docs AI opens the door to the possibility of additional tools that reduce time to value for our customers and increase the speed at which they see results from their Marqeta-powered programs,” Wendy Li, senior vice president of emerging technologies at Marqeta, said in the release.

In addition, behind the scenes, Marqeta has been testing an internal code generator for over a month and has found that the tool has helped its team boost productivity on a number of code generation tasks, according to the press release. The tool has reduced the amount of time spent on coding and testing by up to 75%.

Together, these two generative AI-powered tools represent Marqeta’s first step in enabling the technology on its platform and reducing the time to value (TTV) for the customers of its money movement solutions, the release said.

As it does so, Marqeta is following security protocol, taking care of people’s data, keeping in mind the natural bias present in generative AI, and aiming to serve and protect the company, its customers and its people, Li said in the release.

“While these first solutions are examples of the opportunities we have to use generative AI to improve the way our developers and customers interact with our platform, we are deeply focused on creating a trustworthy and secure experience for our users,” Li said.

Marqeta sees growth opportunities ahead, with ample opportunity to introduce card issuance and power earned wage access (EWA) across a variety of business models, Marqeta CEO Simon Khalaf told PYMNTS’ Karen Webster in an interview posted Aug. 9.

“We’re going to see a lot of traction in marketplaces,” Khalaf said at the time, noting that the company will continue to see opportunity in speeding payments and EWA across labor marketplaces, creator platforms and retail platforms.