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

June 7, 2022 | FinTech, News
https://dailyalts.com/wp-content/uploads/2022/06/1024px-Western_Union_sign_Winschoten_2019_02.jpg

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/06/justice-gba45571bc_640.jpg
Digital Assets: Grayscale Protests SEC Rejection Of Spot Bitcoin ETF, Files Suit Against Regulator
June 30, 2022     Digital Assets, Latest News, News, Regulations

Grayscale Investments, the largest digital asset manager globally, has filed a suit against the SEC for rejecting its application to convert the Grayscale Bitcoin Trust into a spot bitcoin ETF….

https://dailyalts.com/wp-content/uploads/2022/06/Twelve-sunglasses.png
Venture Capital/ESG: Twelve Raises $130M For World’s First Carbon Transformation Platform

Twelve has raised a $130 million Series B round to scale up its carbon transformation technology that converts captured CO2 into products traditionally made from fossil fuels. The firm’s technology…

https://dailyalts.com/wp-content/uploads/2022/06/amc-g39f4f8446_640-overlay.png
FinTech: Sam Bankman-Fried Of FTX Rejects Rumors He Is Acquiring Robinhood
June 30, 2022     Digital Assets, FinTech, News

FTX, the crypto platform owned by billionaire Sam Bankman-Fried, has scotched media reports that it was pursuing a deal to acquire commission-free trading app Robinhood (NASDAQ: HOOD). Bloomberg said Monday…

https://dailyalts.com/wp-content/uploads/2022/06/bitcoin-g9a41d1d1c_640-overlay.png
Alternative Investments/Digital: Amidst A Crypto Winter, 21Shares Launches The World’s Cheapest Physically Backed Bitcoin ETP

21Shares AG has launched a bitcoin ETP tailor-made for today’s crypto market, one that has been mauled by rampaging bears and gripped by a “crypto winter.” The 21Shares Bitcoin Core…