Marqeta Leverages Generative AI to Revolutionize Embedded Finance Launches
Card issuing platform Marqeta has taken a significant step towards streamlining the process of introducing embedded finance applications, according to Finextra. By harnessing the power of OpenAI’s Language Learning Model, Marqeta aims to expedite the deployment of these applications, marking a pivotal development in the world of financial technology.
The cornerstone of this innovation is Marqeta Docs AI, a cutting-edge generative AI tool that draws its capabilities from OpenAI’s Large Language Models. Designed to empower Marqeta’s clientele, this tool facilitates swift navigation through the Marqeta Docs site. Through the utilization of this AI-powered feature, customers are now able to effortlessly pose questions and uncover solutions tailored to their unique use cases. As a result, they can rapidly grasp the intricacies of integrating payment services, including physical card issuance, processing, Buy Now Pay Later (BNPL), earned wage access, and expense management, into their respective platforms.
According to Marqeta, the preliminary outcomes stemming from the implementation of their internal code generation tool are nothing short of impressive. Developers, it appears, stand to benefit immensely from this technology, witnessing a potential reduction of up to 75% in the time allocated to coding and testing tasks.
Wendy Li, Senior Vice President of Emerging Technologies at Marqeta, enthusiastically states, «Marqeta is committed to investing in emerging technologies and exploring their transformative potential for our clients. Generative AI holds a prominent place on our roadmap, and the unveiling of Marqeta Docs AI serves as a gateway to a realm of additional tools. These tools are geared towards expediting the value delivery process for our clients and amplifying the pace at which they observe tangible outcomes from their Marqeta-powered initiatives.»
Presently, Marqeta Docs AI is in its beta phase, with intentions to introduce it for general use later this quarter. This remarkable advancement is poised to reshape the landscape of embedded finance, equipping businesses with unprecedented efficiency and agility in launching financial applications that cater to evolving market demands.