Card issuance platform Marqeta is partnering with global money transfer giant Western Union and will integrate with 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’s full remittance service. Union online with funds paid to a physical or virtual Visa card, according to a press release emailed to PYMNTS on Tuesday, June 7.
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The reconciliation capitalizes on Marqeta’s open API card issuance platform while allowing Western Union to manage workflow with real-time insights into card activity. With Marqeta, Western Union can offer its digital banking users an easily customizable global payment solution.
“Given our global footprint and strong reputation, any new service must be extremely robust, resilient, scalable and secure. Getting it right and working with the best suppliers is key, and it was clear that Marqeta was a great choice for issuing cards,” said Tom Mazzaferro, Western Union Chief Data and Innovation Officer. He explained that the company partnered with Marqeta because of its functionality and “flexibility to easily enter new markets.”
Marqeta also has features that meet the needs of Western Union’s digital banking customers, Mazzaferro added.
Read more: Western Union Announces Increase in Digital Transfer Revenue in Q1
This flexibility of Marqeta’s platform also gives Western Union the ability to add functionality as needed, meaning Western Union’s digital banking customers can expect a wide range of digital solutions. in the future.
“Western Union has been a pioneer in payments, helping to bring people together wherever they are with their international money transfer services,” said Anna Porra, Director of European Strategy at Marqeta Europe.
Porra added that the project was complex and challenging, but ended with a great product that the two teams developed together.
“At a time of rising customer expectations, building a data-driven solution that leverages modern card issuance technology, along with the expertise of a global partner ecosystem, is essential. to help gain share of the wallet,” Porra said.