Marqeta, Plaid Team on ACH Transfers for Marqeta Customer Accounts

Global card issuing platform Marqeta is partnering with data network Plaid, according to a press release emailed to PYMNTS.

Plaid powers several programs that millions rely on to bolster their financial lives and simplify things like automated clearing house (ACH) transfers and ways for customers to authenticate bank accounts.

The new tech will allow for Marqeta’s customers to more easily initiate ACH transactions for sending money between both customer accounts and external accounts. Customers will also be able to verify and link external accounts faster, which should simplify funding accounts and spending.

In addition, Marqeta’s customers will also have the ability to keep users up to date on transfer statuses with real-time notifications, and they’ll be able to deal with initiation, cancellations and returns better using Marqeta’s application programming interfaces (APIs).

“By partnering with Plaid, we are building on the capabilities of modern card issuing that make it easier for our customers to build innovative card programs that allow their businesses to thrive,” Marqeta Chief Operating Officer Vidya Peters said in the release. “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.”

Marqeta has also hired Mike Milotich as its new chief financial officer, effective Feb. 22.

Related: Marqeta Hires Visa Financial SVP as New CFO

A press release notes Milotich’s experience at PayPal, American Express and Visa, where he served recently as senior vice president of investor relations and corporate finance.

Outgoing CFO Tripp Faix made the choice to step down to spend more time with his family after almost four years at the job, and Faix will be staying on until March 31 in an advisory role to help with the transition.