Sunwest Bank is utilizing Torpago's ‘Powered By' solution to offer businesses a modern credit card and spend management platform
SAN MATEO, CA / ACCESSWIRE / January 25, 2024 / Torpago, a commercial credit card and spend management provider, Marqeta, strategic partner of Torpago and the global modern card issuing platform, and Sunwest Bank, a leading entrepreneurial business bank, announce the launch of Sunwest Visionary Card, Sunwest's commercial credit card and expense management solution. Combining a cloud-native, event-driven infrastructure with Marqeta's modern card issuing API, Torpago ‘Powered By' empowers Sunwest to launch a market-leading, bank-branded credit card program.
Community banks are financial pillars to their surrounding communities, providing critical financial services to their customers. In the U.S. alone there are nearly 4,500 community banks, representing approximately 97% of all banks in the country. These banks are committed to their customer bases, working to support the growth and financial health of local businesses and neighborhoods.
A recent Torpago survey of community banks in the U.S. found that 93.2% recognize the significance of delivering customer experiences, with a focus on digital and mobile banking.
Sunwest views modernization with Torpago as a growth engine. Offering market-leading products under the Sunwest brand allows Sunwest to deepen existing customer relationships and attract new business.
"At Sunwest Bank, we empower our clients, who we consider Visionary Entrepreneurs, with tools to grow and manage their business. The Visionary Card Program is one of the tools we consider essential for every business," said Carson Lappetito, President of Sunwest Bank. "After an exhaustive search, we found a fintech partner, Torpago, whose technology helped us bring the world-class platform solution to life."
Torpago provides a bank-branded, low-code/no-code technology platform. The platform provides end-to-end infrastructure including loan origination and underwriting, card issuing and fulfillment, fraud monitoring, web and mobile apps, expense management tools, third-party integrations, and account servicing software. Torpago also manages services such as compliance, cardholder support and collections. Torpago's card issuing, spend controls and card fulfillment are made available via Marqeta APIs. Sunwest is responsible for customer acquisition and leverages its own balance sheet.
"By equipping Sunwest with a powerful technology platform, we expect Sunwest to generate new income streams, attract deposits and improve operating efficiency." said Brent Jackson, CEO and Founder of Torpago. "Working with Sunwest and Marqeta has been fantastic and we are thrilled to be the engine behind the Visionary Card."
"Creating a delightful banking experience for customers is key to keeping them coming back for more, and deepening their relationship with their bank," said Todd Pollak, Chief Revenue Officer, Marqeta. "Marqeta is proud to partner with Torpago to give Sunwest the tools it needs to build a truly differentiated solution from the ground up, enabling Sunwest to customize its card program and deliver a highly personalized and smooth experience for their cardholders."
Torpago is revolutionizing the future of payments and credit card programs by providing innovative solutions to banks and credit unions. Specializing in delivering white-labeled commercial credit card programs, expense management software, and comprehensive end-to-end program management, Torpago empowers financial institutions to provide robust modern credit program experiences. Built on a modern technology stack featuring native APIs and microservices, Torpago facilitates the seamless adoption and deployment of market-leading credit card and expense products for commercial customers.
About Sunwest Bank
Sunwest Bank was founded in 1969 in Tustin, California, and is a privately held commercial bank with more than $2.7 billion in assets. Today, Sunwest is headquartered in Sandy, Utah, and has expanded to include banking offices in California, Arizona, Idaho, Utah, and Florida. Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small and medium-sized businesses, and real estate developers throughout the United States. Sunwest Bank is a Member FDIC and Equal Housing Lender.
About Marqeta (MQ)
Marqeta's modern card issuing platform empowers its customers to create customized and innovative payment cards and embedded finance offerings. Marqeta's platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is certified to operate in more than 40 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.