Marqeta teams up with Plaid

US-based card issuing platform Marqeta has partnered with Plaid. Under this partnership, clients of Marqeta would be able to initiate ACH transactions to send money between customer accounts and external accounts.

Also, as part of this, clients would also be able to verify and link external accounts which would make it easier to fund their accounts and start spending the fund.

Last year, Yokoy collaborated with Marqeta to launch Visa business debit card while Mastercard and Marqeta expanded their global partnership for commercial payments.

“We’re making it as simple as possible for consumers to access their bank information from one application, and reduce the time it takes to fund and begin using their account. Through our Plaid integration, developers building on Marqeta can authenticate users’ bank accounts without the complexity and extra time associated with traditional ACH processing, creating an overall more seamless experience.” said Vidya Peters, Chief Operating Officer, Marqeta.

According to press note, this would also allow clients to keep their users up-to-date on transfer status with real-time notification along with ability to handle initiation, cancellations, and returns across their accounts via Marqeta’s APIs.

Plaid is currently working with more than 12,000 financial institutions to deliver financial products and services via the Plaid network. Plaid is an authorized payment institution regulated by the Financial Conduct Authority and by the Dutch Central Bank under the Dutch Financial Supervision Act.

While Marqeta is a non-banking card solution firm for which according to its SEC filings the payment transactions are settled through Sutton Bank.

“The future of financial services involves a simplified, secure way to share financial information and move money across applications,” said Eric Sager, Chief Operating Officer at Plaid.