Payments fintech Marqeta is eliminating manual authorization in its payments process through an extended partnership with Mastercard. 

The credit card giant’s Track Instant Pay is a business-to-business virtual card payment solution that uses machine learning to analyze invoices and generate a virtual credit card to pay suppliers in real time, according to a release. The integration has been in the works since early 2022, Matt Sollie, vice president of product management at Marqeta, told Bank Automation News.

“We thought it would be a great addition for us to add to our suite of capabilities that we offer for our customers today and the virtual card and the [accounts payable] automation space,” Sollie said. 

The technology adds an extra layer of security, as customer no longer need to share their bank account information with third-party vendors, according to the release. 

“A lot of the features that they have around AI and the way that they analyze invoices […] we thought would be beneficial for our customers alongside of our core capabilities,” Sollie said.  

Marqeta began working with Mastercard in 2014 to bring new products to market — including the Square Card, which went live in 2019, according to the Square website. 

Within the past three months, Marqeta launched a banking service and crypto debit card, and helped roll out Omaha, Neb.-based, $26 billion First National Bank of Omaha’s card-as-a-service solution. 

“We’ve launched a couple of other products recently with our partners Branch and Uber and our stash product with Mastercard,” Sollie told BAN. “We have a lot going on.” 

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