Ingo Payments Taps Marqeta to Bolster Embedded Banking Platform
Money mobility platform Ingo Payments has chosen Marqeta as its issuer processing partner.
The collaboration will help Ingo fulfill its goal of delivering “innovative instant account issuing” and “ecosystem-driven financial services,” the Georgia-based company said in a Monday (March 31) news release.
“Over the past several months, following its acquisition of Deposits Inc.’s banking technology, Ingo has been enhancing its money movement platform to support embedded banking capabilities for both existing and new clients,” the release said.
“Selecting an issuer processor was a critical step in achieving this vision, and Marqeta emerged as the ideal partner to help bring these innovations to life.”
According to the release, Ingo Payments chose Marqeta for its technology stack, saying this will help Ingo develop financial products and quickly bring them to market.
“Beyond serving as their issuer processor, we’re also partnering with Ingo to bring remote check cashing and deposit capabilities to our customers to make banking services more convenient,” Marqeta Chief Revenue Officer Todd Pollak said in the announcement.
“With Marqeta’s all-in-one platform, we’re enabling Ingo to drive the next generation of issuing solutions, creating meaningful value for consumers and businesses alike.”
PYMNTS collaborated with Ingo recently on the report “Digital Transformation and Instant Payments Fuel Business Disbursement Efficiency,” which discussed the rise of instant disbursements.
As noted here last week, the report found that many consumers no longer simply prefer instant payments, but rather need them. The research found that 25% of consumers require their disbursements within 30 minutes or less. In urgent situations, 20% said they’d be willing to pay a significantly higher fee to get their funds right away.
“With instant payment satisfaction rates 18% higher than traditional methods, businesses that fail to offer seamless, real-time options risk losing customers to those that do,” PYMNTS wrote. “Whether it’s income disbursements, loan payouts or insurance claims, consumers now expect immediate access to their money, and they’re choosing providers who can deliver.”
Meanwhile, PYMNTS CEO Karen Webster spoke recently with Ingo Payments Chief Executive Drew Edwards about the Trump administration’s plans to rid the government of paper checks.
He said that switch is easier said than done, as the government does not have the digital data needed to begin making electronic payments to Americans by Sept. 30, the White House-mandated cutoff for paper check use.
“Nobody thinks checks are going to stay here forever,” Edwards said. “It’s a question of how fast we can build the rails, gather the data, and guarantee security so that Americans — and the government — can trust a fully digital process.”
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