First-of-its-kind cryptocurrency API enables real-time funds transfers at point of sale
SALT LAKE CITY (April 11, 2018) — Galileo, one of the largest and most innovative payments processors and program managers in North America for prepaid, debit, credit and virtual transaction processing, today announced the launch of the Galileo Cryptocurrency API to bridge the gap between cryptocurrencies and mainstream payments. Galileo’s cryptocurrency solution enables customers to seamlessly deposit funds denominated in cryptocurrencies to their accounts, and spend those funds with the ease and immediacy they’re accustomed to when using payments cards or mobile applications.
Unlike other cryptocurrency solutions in the marketplace that rely on card programs and pre-selecting a currency and denomination, Galileo’s cryptocurrency API is the first-of-its-kind to enable issuers and fintechs to offer the ability to transfer funds and make purchases in real time at the point of sale. All transactions are conducted in fiat currency and converted to cryptocurrency at settlement by Galileo.
The Galileo Cryptocurrency API allows issuers and fintechs to create and link accounts, view and manage balances and transactions in multiple currencies, check the exchange rate, manage a treasury or reserve management function and more. The cryptocurrency API complements Galileo’s suite of open APIs and secure sandbox by providing the tools and flexibility to develop cryptocurrency solutions to meet customers’ needs in the secure environment of the Galileo platform, while minimizing costs and risks.
“The cryptocurrency market has incredible speculative value and hype right now but it is still in a state of disequilibrium and cryptocurrencies are largely inaccessible and illiquid,” said Clay Wilkes, founder and CEO of Galileo Processing. “As part of our ongoing commitment to payments innovation, Galileo built our API to allow fintechs and issuers to develop their cryptocurrency strategies, integrate with mainstream payments and make cryptocurrencies readily usable.”
Learn more about how the Galileo Cryptocurrency API works.
Galileo was founded in 2000 and has grown to become one of the largest payments processors and program managers in North America. We are the only payments innovator that applies tech and engineering capabilities to empower fintechs and financial institutions to unleash their full creativity to achieve their most inspired goals. Galileo leads its industry with superior fraud detection, security, decision-making analytics and regulatory compliance functionality combined with customized, responsive and flexible programs to accelerate the success of all payments companies and solve tomorrow’s payments challenges today.