Clay Wilkes, Founder and CEOGalileo is a responsive payments processor and program manager. Built on its engineering capabilities and mindset of continuous technology improvement, Galileo creates flexible and secure solutions adopted by clients that range from large financial institutions to upstart fintech companies.
Galileo stands apart from others in the space with its industry-leading technology, fraud detection offerings, security, decision-making analytics, and regulatory compliance functionality. Galileo was founded 20 years ago and has earned the trust of large financial institutions. Recently, the company has undertaken a cultural shift towards innovation. This, combined with its unique platform architecture that enables flexibility and account customization, has propelled Galileo Processing to become the face of payment processing in the fintech and innovative financial services industries today.
Galileo’s advanced payment processing and program management solutions support prepaid, debit, credit, and virtual card programs. Galileo’s suite of open APIs enhance payment capabilities from ground zero—starting with account creation to loading money into the account, and handling authorization issues, mobile interactions, and IVR payments. Galileo’s platform allows a customer to leverage their system to achieve financial innovation and security without any complexity. “At Galileo, we continuously roll out new capabilities and features in a cloud-based environment to give a secure and customized user experience, without making the whole process cumbersome and complex,” states Clay Wilkes, Galileo’s founder and CEO.
The company has developed a robust sandbox that simulates Galileo’s live operating environment, where developers can experiment with open APIs to test concepts at various stages of development. The constantly managed, fully documented, open API suite simplifies the code generation and development process.
Galileo invests heavily in its Dynamic Fraud Engine and Fraud AI solutions, which make achieving extraordinary precision rates a reality. The rules-based, customizable Dynamic Fraud Engine reduces the fraud loss average for participating customers to approximately one basis point, which is far lower than the industry average. Meanwhile, Galileo’s artificial intelligence solution, Fraud AI, minimizes false positives and strengthens Galileo’s fraud detection services through increased fraud detection precision and accuracy so participating clients can potentially reduce fraud loss averages to less than one basis point.
Galileo’s processing and program management platform leads the industry with fraud detection, security, decision-making analytics, and regulatory compliance functionality
Fraud AI identifies and remembers developing fraud patterns to block any such future transactions and uses machine learning to detect previously undetectable fraud patterns. It continually self-improves its algorithms as it examines more data to ensure “smarter” detection of emerging fraud patterns.
Apart from providing ongoing strategic analytics and portfolio management to accelerate clients’ growth, Galileo provides card programs for program managers and financial institutions. This includes transaction card processing and value-added services such as program management, strategic consulting, identity verification, card management, web development and hosting, customer service, risk management, and campaign management.
Galileo also leads the charge in streamlining cryptocurrency integration and merchant acceptance by enabling hassle-free transactions and facilitating instant conversions. “By providing the cryptocurrency facilitators and the wallet providers a gateway into the traditional payment capability through our Crypto API, we enable a cryptocurrency user to get their money through a traditional payment card like Visa or MasterCard. With the infrastructure, the capabilities and the API solutions, we aim to be the absolute value-add to our customers,” asserts Wilkes.
Galileo demonstrates a successful and effective record of innovation and empowering its partners and customers over the last 20 years. The socially conscious company has evolved its culture and capabilities and plans to extend its platform by focusing more on big data, data warehousing, business intelligence, commercial and consumer virtual, and cryptocurrency, promising its continued growth and success.