New solution speeds time to market for digital payment solutions
Galileo today announced the full launch of Galileo Instant, a frictionless solution for gig-economy, marketplace, ecommerce, fintech and other businesses that want the speed and convenience of creating debit cards through a single point of contact—Galileo. Using Instant, qualified businesses can launch their debit card programs as early as 14 days—start to finish.
While all types of businesses can use Instant to create branded debit cards issued by a financial institution, the Instant solution is particularly useful for the U.S. businesses paying millions of 1099 workers. By working with banks to standardize the debit card issuing process, Instant reduces the cost of entry and time to market compared to traditional solutions. This makes it fast and affordable for businesses that need a card and digital banking solution—but don’t want to be in the payment business—to have one.
“In time and dollars, the barriers to entry in digital payments have been prohibitively high, even as the need for solutions has grown,” explained Galileo Instant Managing Director Cole Wilkes. “Fast growing companies—like streaming and gig platforms, for example—need to pay their content creators and gig workers quickly and easily, but there hasn’t been an easy way to do that. With Instant, we’ve created a solution that enables businesses to easily create branded debit cards and accounts for these individuals and pay them instantly, ending the cost of cutting checks or making ACH payments.”
In November 2019, Instant launched in beta mode. Just prior to this month’s full launch, Instant had a waiting list of over 100 businesses.
Early adopters of Instant looking to achieve cost saving and new revenue opportunities through Instant’s interchange revenue sharing plan represent a variety of use cases, including:
Content Creation Platforms—Create physical debit cards to instantly pay revenue share or subscription fees.
Gig Employees and Contractors—Create physical debit cards to instantly pay employees on a per gig basis.
Startup Fintechs—Create bank accounts and live debit cards to demonstrate digital banking account features to investors.
The implementation process begins with the Instant Dashboard, a portal where businesses can find everything they need to launch and scale a debit card programs and access the Instant API.
“In a live demo, we went from idea to issued card to completed transaction in less than an hour,” Wilkes noted. “Like all banking services, of course, Instant is backed by a regulated financial institution and requires compliance and validation steps, but we’re still estimating that most businesses can launch their programs as early as 14 days, and we plan to shave that down over time."
Seu programa de fidelidade pode estar ignorando seus melhores clientes
Por décadas, a maioria dos programas de fidelidade foi construída em torno de cartões de crédito. Esse alinhamento fazia sentido em um momento em que o crédito rotativo era a principal forma de estruturar lealdade e recompensas. Mas o comportamento de pagamento dos consumidores mudou, e a Geração Z está tornando essa mudança ainda mais evidente.
SoFi e Mastercard firmam parceria para habilitar liquidação com SoFiUSD na rede global de pagamentos da Mastercard
A stablecoin da SoFi, totalmente lastreada em dólares americanos, permitirá liquidação na rede da Mastercard, incluindo para o SoFi Bank, N.A. A Galileo, plataforma tecnológica da SoFi, estará entre as primeiras a oferecer aos seus clientes e aos seus bancos emissores a opção de liquidar transações usando SoFiUSD A Mastercard Multi-Token Network buscará suportar o SoFiUSD e ajudar a expandir a interoperabilidade entre ativos digitais e formas tradicionais de dinheiro
Southwest e Galileo levam recompensas direto para o débito
A plataforma da Galileo integra emissão, processamento e gestão de programas, permitindo que marcas não financeiras como a Southwest lancem cartões co-branded de forma mais rápida. A economia das recompensas no débito é diferente do crédito, mas o CFO da Galileo, Bill Kennedy, afirmou que as eficiências tecnológicas e a lealdade mais profunda tornam o modelo sustentável.
United Airlines lança o cartão de débito MileagePlus Rewards que acumula milhas ao gastar e poupar
Este novo cartão permite que os membros do MileagePlus acumulem milhas por meio de compras do dia a dia e saldos de conta elegíveis. Disponível agora sem taxas mensais para quem mantém um saldo médio diário de US$ 2.000 ou mais, os membros do MileagePlus podem solicitar o cartão de débito com recompensas em UnitedDebitRewards.com.
A Southwest Airlines, impulsionada pela Galileo (a plataforma de tecnologia da SoFi), lançou o Rapid Rewards Debit Card
A Southwest Airlines, impulsionada pela Galileo (a plataforma de tecnologia da SoFi), lançou o Rapid Rewards Debit Card, permitindo que clientes que usam débito ganhem pontos em compras do dia a dia para trocar por voos.
