FinTech: Western Union’s European Digital Banking Platform To Use Marqeta For Offering Remittances Online

June 7, 2022 | FinTech, News

Western Union’s entire European remittance service would be offered online, with funds disbursed to a physical or virtual Visa card.

Marqeta’s (NASDAQ: MQ) card issuing platform will form the bedrock for Western Union’s (NYSE: WU) transformation of its European remittance services into a fully online mode. Western Union will integrate Marqeta into its “next-generation real-time multi-currency digital wallet and digital banking platform in Europe.” (BusinessWire)

WU customers can have funds disbursed to a physical or virtual Visa card, and therefor enjoy a “new banking experience” by having their cards linked to the WU digital banking platform.

For WU, the collaboration with Marqeta will allow for this new payment experience to be replicated at other international markets, and as well for the extension of other digital banking services in the future. By processing the transaction workflow, WU will also gain valuable insights into customers’ card activity and spending trends.

“Given our global footprint and strong reputation, any new service has to be extremely robust, resilient, scalable and secure. It is vital to do this right and work with best-in-class providers,” said Tom Mazzaferro, Chief Data & Innovation Officer at Western Union. “The Marqeta platform delivers all the functionality needed to support the goals of our new digital banking program, alongside the flexibility to enter new markets with ease and design new features that meet the needs of our customers.”

Related Story: Marqeta To Power Klarna’s Physical Visa Card For BNPL

Image Credit: Wikimedia Commons

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