How Galileo and Metropolitan Commercial Bank Are Powering Fintech Innovation
May 22, 2023
Dubbed “The Entrepreneurial Bank,” New York-based Metropolitan Commercial Bank prides itself on sharing the entrepreneurial spirit of its clients, including the cutting-edge fintechs served by the bank’s Global Payments group.
An established leader in the Banking as a Service market, Metropolitan furnishes fintech clients with services including digital payments settlement, payment network gateways, custodian of deposits, regulatory and compliance oversight and third-party debit card issuing.
Galileo recently spoke with Nick Rosenberg, head of Metropolitan’s Global Payments Group, about how the bank enables fintechs to offer secure and innovative financial services to their customers, ultimately helping create a stronger and more trustworthy financial ecosystem.
Mission: “We ask our clients where they’re trying to go, and we help them get there,” said Rosenberg, “And the way we do that is by being a great partner from the banking perspective, but at the same time getting out of their way and really letting them do what they do best in terms of creativity, ingenuity, design and addressing their customer base.”
Founding: Established in 1999, Metropolitan Commercial Bank in 2021 was ranked as one of Fortune’s 100 fastest-growing U.S. companies.
What Galileo Does for Them: “Galileo helps provide the technology, while we provide the banking partnership,” noted Rosenberg. “When we have a customer that is using Galileo as their processor, we have the comfort of knowing they're applying the controls that are needed for cybersecurity, data security and business continuity, and the tools that customers are going to need to ensure that they're always going to have access to their money and that transactions are going to be successful.”
Impact: “We’re looking to expand the financial frontier by really understanding the type of services that fintechs and their financial services customers are expecting,” observed Rosenberg.
“There has been so much innovation over the last 20 years with the internet and the fact that everybody has a smartphone,” he continued. “So that, combined with the banking infrastructure in the background, is enabling us, through our clients, to allow consumers and businesses to move money quicker, faster, more securely and in innovative ways that have never been available in the past.”
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