Payments fintech Marqeta has unveiled a suite of seven banking products in an expansion of its platform. 

The Marqeta for Banking app includes modular tools built on a single, integrated platform using open APIs, Simon Khalaf, chief product officer, told Bank Automation News. 

“Similar to our card-issuing platform, Marqeta’s open APIs power our banking services, enabling customization, flexibility, and modularity when customers are designing banking products for their end consumer,” Khalaf said.

The app’s automation capabilities will reduce time spent on manual tasks, specifically the waiting period for document verification to open a new bank account, he noted. Other features of the app include instant account funding, ACH payment enablement with an integration for fintech Plaid, and early payday fund access, according to a release. 

“We saw the rising demand for banking and money movement services amongst companies and brands, and that trend has influenced our approach to product development,” Khalaf told BAN. 

Visa partnership  

Meanwhile, Marqueta’s card-issuing platform and Visa’s payments network are powering a debit card from Blockchain.com, a cryptocurrency site. Customers will be able to spend cash or crypto within their Blockchain.com wallets and earn 1% back in crypto on their purchases. 

The launch of the new crypto-focused card is the latest in a series of branded cards Marqeta has helped launch, including an agreement with Citi’s Commercial Cards in March of this year. 

The partnership will make crypto more accessible to a larger number of users with Marqeta’s technology proving paramount in the launch of the new card, Peter Smith, chief executive at Blockchain.com, said in a release. 

Blockchain.com will leverage Marqueta’s “flexible APIs and payments expertise,” Smith added.