SALT LAKE CITY—Galileo Financial Technologies has launched Galileo Instant Issuing, a collaboration with Mastercard to allow the company to provide fintechs and other businesses with the capability to quickly open bank accounts and issue white-labeled debit cards without long-term contracts and startup fees.
Galileo CEO Clay Wilkes said the program is designed to let gig economy companies, fintechs and other firms quickly scale card programs that they can use to rapidly pay and manage funds for vendors, workers and others who need to have transactions completed in a fast and seamless manner.
The move is intended to change the dynamics in allowing companies to issue payment cards and open bank accounts in an environment that can be rolled out quickly, Mobile Payments Today said.
"It takes a long time and costs a lot of money to let's say be an issuer of one of these products today," Wilkes told Mobile Payments Today. "But there are a lot people, a lot of companies that don't want to do any of that. They are not payment companies, they just want to make a payment."
The Galileo dashboard provides the ability for companies to immediately gain access to a sandbox environment where companies can quickly set up a payment card environment out of the box. The portal provides access to Galileo's suite of APIs and production environment for approved card accounts Mobile Payments Today said.