Card issuer Marqeta has teamed with consulting firm Deloitte to speed payment modernization.
The partnership, announced in a press release Monday (Jan. 23), is aimed at banks, FinTechs and payment providers and combines Deloitte’s payments and consulting expertise with Marqeta’s API-driven card issuing platform.
“The future of payments is digital modernization, and we are focused on advising our clients on ways to engage in a strategic, regulated and compliant way,” Deloitte’s Zachary Aron said.
The companies argue in the release that the myriad payment options available today have forced card providers to bring differentiated value to their customers to stay competitive.
“Consumers want innovative and secure payment options available in a convenient, expedited, and personalized manner,” the release said.
And payment modernization can pay for itself, as PYMNTS noted recently. While companies might be reluctant to overhaul their payment architecture due to upfront costs or uncertainty of how best to undertake the process, modernizing is worth it.
An updated payment system that supports instant payments and other payment methods will entice new customers and convince existing ones to stick around. Research by PYMNTS found that 67% of consumers would be more likely to keep doing business with a company that provided instant payments.
Meanwhile, “The AR Transformation Solution: Easing And Accelerating Payments From Business Customers,” a PYMNTS and Billtrust collaboration, finds that most businesses are attempting to modernize payment processes. But as businesses seek new ways to manage payments, the inconsistencies of incoming payment flows often remain.
“As the playbook notes, accounts receivable drives business growth,” PYMNTS wrote earlier this month. “After new accounts are won, however, there is no guarantee that orders will quickly convert to profits.”
Payments frictions like disputes or lack of compatibility with payor preferences can impede or even stop business growth. For many companies, the answer has arrived via the use of AR automation tools through a third-party solution.
The Marqeta/Deloitte partnership comes days after Marqeta announced merchants can now let customers make digital wallet payments without downloading another app.
As PYMNTS reported, the company said its company’s new web push provisioning product gets rid of a common pain point by removing the need for consumers to download an app to carry out a transaction.