US-based Galileo, a payments processor and program manager, has formed a partnership with Sutton Bank.
The deal has been made to support the bank with the expansion of its card offerings. by launching open loop prepaid cards.
Founded in 2000, Galileo is an API solution developer which helps FinTechs and financial institutions improve their payment capabilities. Through its APIs businesses can build a payment system with transaction history access, bill payments, debit and credit card balances, and create new accounts, among others.
Its services is powered by AI fraud detection software, security protocols, decision-making analytics and regulatory compliance.
Galileoâ€™s open loop card platform gives partners access open loop prepaid cards, supported by Visa, Mastercard and Discover. Clients can setup personalised parameters and fee settings for the cards, which can all be created and funded in real-time via its APIs. Partners gain access to real-time reporting of all transactions made by the cards, in real-time.
Sutton Bank senior vice president of payments Jeff Lewis said, “Galileo’s processing platform and our deep history in prepaid issuing make for offerings that lead in speed, scale, nimbleness, anti-fraud, BSA compliance and reconciliation to round out a complete solution for our shared partners.”
Earlier in the week, Capital One bank formed a partnership with financial data aggregation platform Finicity to support secure data exchanging. Through the deal, Capital Oneâ€™s customer transaction API will give customers more security when sharing financial data with third-party apps and services.
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