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OAKLAND, Calif. & PURCHASE, N.Y.--(BUSINESS WIRE)--Dec 7, 2022--
Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced that it has integrated Mastercard (NYSE: MA) Track™ Instant Pay, a next-generation virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices.
With Track Instant Pay, Marqeta customers in the U.S. will be able to immediately authorize a payment to suppliers after invoices are received instead of waiting for invoices to be approved manually, freeing up time to focus on growing their businesses instead of administrative tasks. This payment process empowers Marqeta customers to pay invoices more efficiently and access cost savings by avoiding costly check processing fees.
“Marqeta and Mastercard share a vision of modernizing and streamlining payments – enabling our joint customers to thrive thanks to more flexible and innovative solutions,” said Simon Khalaf, Chief Product Officer, Marqeta. “Many of our customers face headaches when it comes to managing supplier payments, and this integration with Mastercard’s Track Instant Pay solution will help streamline and accelerate payments on their invoices, letting them get back to what they’re best at – driving their businesses forward.”
Business payments have often been plagued with slow approval processes and have typically been slower to adopt new payment technologies. However, according to Mastercard’s Business Payments 2022 study, companies are increasingly recognizing the advantages of digitizing business payments, which include more data, more control, and more automation. These improvements can reduce the cost and risk associated with traditional payment methods – such as check and ACH – in addition to streamlining business efficiencies and improving payments fraud risk.
Track Instant Pay delivers greater choice, efficiency and automation for buyers and suppliers through sophisticated machine learning and straight-through processing. In addition, the solution improves transaction security because customer bank account information does not need to be shared with third-party vendors during the payment process.
“Mastercard is focused on modernizing payments around the world and delivering a seamless digital experience – unlocking new opportunities for businesses to get paid how they want to get paid,” said Marie Elizabeth Aloisi, executive vice president, Commercial Solutions at Mastercard. “With the integration of Mastercard Track Instant Pay, we are proud to enhance our relationship with Marqeta to deliver robust virtual card solutions to our joint customers.”
Recently, Mastercard and Marqeta have launched several joint initiatives, including the Uber Pro Card with Branch, a debit card that enables Uber drivers and couriers to earn cash back on gas and EV charging, and were selected as key partners for Stash Core, a new banking and debit card experience from Stash that helps millions of everyday Americans invest and build wealth. Mastercard and Marqeta continue to work closely to collaborate on products and solutions to enable their joint partners to tap into capabilities that deliver differentiated payments experiences.
Track Instant Pay is a part of Mastercard’s comprehensive suite of B2B products and services designed to reduce complexity, risk, and costs, in addition to automating processes of businesses around the world. For more information about Mastercard Track Instant Pay, please click here.
About Marqeta
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; Marqeta’s relationships with providers and customers; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic business, market, financial, political and legal conditions; the effect of and uncertainties related to the global COVID-19 pandemic on U.S. and global economies and demand for Marqeta’s services and products; the uncertainties and direct and indirect effects of the significant military action against Ukraine launched by Russia, including threats of attacks against U.S. financial institutions as retaliation against financial institutions for sanctions imposed against Russia; the risk that Marqeta is unable to further attract and grow its customer base; the risk that consumers will not perceive the benefits of Marqeta’s products and services, including digital payment and banking products and services; the risk that Marqeta's products and services do not operate as intended, including digital payment and banking products and services; the risk that Marqeta’s products and solutions will not achieve the expected market acceptance, including digital payment and banking products and services; and the risk that competition could reduce expected demand for Marqeta’s products and services, including digital payment and banking products and services. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2021, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law .
View source version on businesswire.com:https://www.businesswire.com/news/home/20221207005201/en/
CONTACT: Communications
Marqeta
Jordan Fellows, Senior Manager, Corporate Communications
jfellows@marqeta.comMastercard
Biz Cozine, Director, North America Communications
Biz.Cozine@mastercard.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK
INDUSTRY KEYWORD: SOFTWARE BANKING ACCOUNTING INTERNET PROFESSIONAL SERVICES BUSINESS FINTECH DATA MANAGEMENT PAYMENTS TECHNOLOGY DIGITAL CASH MANAGEMENT/DIGITAL ASSETS FINANCE
SOURCE: Marqeta
Copyright Business Wire 2022.
PUB: 12/07/2022 07:00 AM/DISC: 12/07/2022 07:02 AM
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