Galileo Financial Technologies has launched a new service called Galileo Payment Method Switch, to ease bill payments.
This service, which is powered by Atomic, facilitates updating payment methods across various merchants and service providers.
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The Galileo Payment Method Switch allows users to easily change their default payment options, including debit and credit cards, as well as bank accounts.
The service is said to be useful for managing payments related to subscriptions, utility providers, and digital wallets like Venmo and PayPal.
Banks, fintechs, and brands can integrate the Galileo Payment Method Switch into their applications, enabling customers to prioritise their issued cards or accounts for recurring payments.
The integration is also compatible with Galileo’s Direct Deposit Switch, which may help clients to accelerate their service launch timelines.
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By GlobalDataAtomic’s role in the partnership involves providing the necessary connectivity to update payment information across different merchants’ billing systems.
Galileo, on the other hand, is responsible for the secure exchange of card and account details.
The service offers users the ability to select which card or account to use for each bill and seeks to minimise payment errors by providing a way to update payment details, preventing missed payments.
Furthermore, the solution enables users to set a default card or account for recurring bills and subscriptions and interchange revenue when a card is utilised.
Galileo product management vice president Prashant Shah said: “Galileo Payment Method Switch allows banks, fintechs and brands to help customers easily manage bill payments without leaving an app they already trust. This solution keeps people spending in a branded environment, creating new recurring revenue streams, which are proven to be stickier, more predictable and scalable. We’re pleased to expand our role as the one-stop shop for supporting modern payments.”
In March 2024, Galileo expanded its Buy Now, Pay Later offering, which allows banks and fintechs to offer cardholders installment payment options on their existing debit or credit card accounts.
