Zeta, a banking tech unicorn working with next gen credit processing, has teamed with Mastercard for the next five years, the companies announced Wednesday (April 6).
This will see the firms going to market jointly to roll out credit cards with issuers worldwide on Zeta’s modern, cloud-native and application programming interface (API)-ready credit processing stack. Mastercard has also made a financial investment in Zeta.
Leveraging Mastercard’s support and the integration of its capabilities in digital issuance, fraud and risk, Zeta will try and streamline things in the credit card processing industry, getting away from older fragmented and multi-vendor systems.
According to the release, both partners will pre-configure key capabilities behind the scenes and allow issuers to launch cards in a quicker manner overall. This will also help companies design and roll out customizable card programs.
“With Zeta’s next-gen credit card processing platform, we are fundamentally rewiring how issuers launch credit card programs by offering new paradigms over legacy mainframe systems,” Bhavin Turakhia, co-founder and CEO of Zeta, said in the release.
“Amongst other benefits, our stack allows issuers to increase the lending book by composing contextual upsells using our extensive APIs and SDKs; reduce costs via pay-as-you-go SaaS billing; improve customer satisfaction by launching rich, self-serve experiences for card holders; and launch and iterate faster using our infinitely scalable cloud-native deployment.”
PYMNTS wrote that Mastercard has also recently teamed with Raistone, a FinTech, in order to streamline B2B finance payments and bolster working capital for smaller businesses.
Raistone will use Mastercard to speed up and make things more secure. The finance approval process can often cut out small- to medium-sized businesses (SMBs) from accessing the money they need to scale their businesses.
The collaboration “promotes diversity and inclusion by extending convenient financial tools to the companies that need them most,” according to the announcement. With the partnership, automated financing will be available for suppliers using virtual cards — without the customers having to be involved.