Now, every business can create digital banking programs.
By Cole Wilkes, Managing Director, Galileo Instant
At Galileo, we’ve been paying close attention to the trend of different kinds of non-financial businesses creating their own digital banking programs. Prime examples include Apple’s launch of the Apple Card, a complement to its cash account, and Google’s smart checking account product.
But it’s not just the tech giants that are on-trend. It’s a diverse range of companies, like marketplace and ecommerce companies simplifying their purchasing experience, streaming and content-creation platforms paying creators, gig economy and contractor businesses paying workers. It’s also startups and fintechs that need to demonstrate a live card product.
The Covid-19 pandemic has accelerated the roadmap for many businesses to launch their own digital banking programs. And many of these businesses are bringing their requirements to Galileo.
An Instant solution
That’s why we created Galileo Instant.
Instant is a fast, simple and frictionless way for businesses to create branded debit card and digital banking programs that empower customers and employees; and can help lower check and ACH payment costs.
Using the powerful Instant API, participating businesses can launch fast—in as few as 14 days—and deliver customized debit cards their customers/employees can use for purchases, cash access, paying bills and more.
Our pay-as-you-go Instant pricing is extremely affordable, and Instant may help businesses reduce their check and ACH expenses because there’s no incremental cost to issue an Instant payment—which happens instantly. In addition, businesses earn a share of the debit card interchange revenue their cardholders generate when they make purchases and pay bills.
Streamlining and standardization
We’ve lowered the barrier of entry for businesses to launch digital banking programs by removing the complexity and friction.
How? Through streamlining and standardization.
Rather than businesses needing to contract with six or more outside providers, we deliver them all—the sponsoring bank, the payment network, the card manufacturer and more—through a single point of contact: Galileo.
So, what’s next?
Instant is available today.
If you want to learn more about whether Instant can help your business, learn more at https://www.galileo-ft.com/solutions/
And, if you’re ready to get started, visit the Instant Dashboard to start launching your own digital banking program with Instant.
Banking services provided by The Bancorp Bank, Member FDIC. The Galileo Instant Mastercard® Debit Card is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated. Card can be used everywhere Mastercard is accepted.
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