Galileo Financial Technologies has revealed that its API-fuelled financial technology will drive fintech firm Pomelo’s ‘remit now, pay later’ credit card services across the US.
The new charge card has been designed to help American families to carry out international transactions without any remittance fees.
Using Galileo’s authorisation, settlement and other services, Pomelo will be able to approve requests rapidly.
Pomelo will also be able to guarantee post accuracy in addition to help customers to transfer money and settle funds across various partners of the ecosystem, using Galileo’s payment processing tools.
Furthermore, Galileo’s recently improved payment risk platform will offer comprehensive fraud and risk management along with chargeback protection to Pomelo customers.
The platform will also facilitate provisioning and onboarding to safeguard the clients against payments fraud.
World Bank data showed that remittances to low- and middle-income nations will surge to $630bn this year.
Pomelo noted that its solutions combine credit with cross-border money transfer capabilities.
The company currently enables cardholders to transfer money from the US to the Philippines, with plan to include India and Mexico soon.
Galileo CEO Derek White said: “Through our partnership, Galileo will support Pomelo’s rapid growth by powering their financial solutions with differentiation, automation, readiness and extensibility to create better connected ecosystems as they innovate money transfer through inclusive credit solutions.”
In September this year, Galileo announced a partnership with fraud management solutions provider DataVisor to strengthen its payment risk mitigation offering.