Global card issuing platform Marqeta has announced a new partnership with CashFlows, a merchant payment solution provider, to enable BIN (bank information number) sponsorship services to for its European-based fintech clients.
CashFlows, launched in 2010, provides BIN sponsorship services through its e-money license and direct membership in the Mastercard and Visa card schemes.
“There’s a tight synergy and a close cultural alignment between what CashFlows and Marqeta are looking to accomplish in the market,” said Jonathan Bennett, CCO, CashFlows. “Scheme membership is a complicated, time consuming and expensive process for fintechs that can otherwise focus their energy on honing the proposition and launch strategy.
Along with the firms knowledge of EU regulatory laws, CashFlows aim is to allow firms to easily launch a European payment card program by enabling them to accept payments and facilitate transactions without compliance worries.
It also features merchant acquiring capability that gives end customers the opportunity to load funds to their card.
Bennett concluded: “To be able to pair the new payment possibilities opened up by the Marqeta platform, with a BIN sponsor like CashFlows who knows what it takes to develop, launch and scale payment programs quickly in a rapidly evolving payments landscape is going to make us even stronger.”
Marqeta recently released a new European digital banking platform which enables customers to build, test and tweak features in a developer sandbox.
Clients include digital banks Morning Bank and YAPEAL, point of sale lender Aplazame, mobile payments provider Twisto and small business lender Capital on Tap.
It supports instantly issued virtual cards and offers advanced spend controls to engage users and grow card use, which Marqeta described as “key functionality” that will now be supported thanks to the collaboration with CashFlows.
“Since we launched in the market at the end of 2018, we’ve seen a tremendous amount of energy and enthusiasm for our European Digital Banking solutions and real demand for a truly modern payments platform,” commented Ian Johnson, head of European growth, Marqeta.
“CashFlows brings inside-out knowledge of the process to speed things up and put power back in the hands of program owners. Marqeta is coming from a similar place – changing the rules in the market for the better, making it simpler and easier to get to market – and we’re excited to be working together.”
