SALT LAKE CITY, Sept. 25, 2018 /PRNewswire/ -- Galileo Processing, Inc., an industry leader in payments innovation, technology and APIs that power thousands of transactions every moment of every day across debit, credit and prepaid cards linked to more than 87 million accounts, has announced the launch of its Virtual Commercial Card Solution. The Galileo Virtual Commercial Card Solution offers best-in-market fraud detection and industry-leading features, including easy API implementation and software integration, on-demand virtual card creation and real-time alerts.
As virtual card demand and use continues to expand, the Galileo Virtual Commercial Card Solution facilitates ecommerce, in-store payments, accounts payable and expense management for companies of any size – from small- and medium-sized businesses to large corporations – across various industries, including in-store financing, online lending, insurance, healthcare, travel and more. Virtual cards are one of the fastest-growing payments products with more than 20 percent growth per year and $132 billion spent on virtual cards in 2017.
"Galileo's virtual cards are beneficial for many payment environments where using plastic cards is time-consuming and inconvenient," said Clay Wilkes, Galileo CEO. "Our virtual cards streamline payments operations, help reduce errors and fraud and generate new revenue through interchange on every transaction."
The Galileo Virtual Commercial Card is a randomly generated, single-use token used to handle a single transaction in a specific amount. The payment is processed through a card network, and may be issued on Galileo's credit, debit or prepaid platform. The virtual card enhances security and reconciliation, cuts the cost and time required to process checks and eliminates the setup and information-sharing required for ACH payments. Galileo's new virtual card offering enters the market at a time when virtual card usage is expanding in areas such as rewards, marketing, events, payroll and international travel.
In addition to being one of the few payments processors offering a virtual card solution, Galileo offers clients access to a robust platform, flexible architecture, extensive connectivity to payments networks and financial institutions and nearly 20 years of payments expertise.
Galileo powers thousands of transactions every moment of every day so banks, investment firms and other institutions can process payments, issue cards, stop fraud and deliver the best value and service to their clients. Galileo is the tech that powers the boldest and most exciting FinTech companies in North America to bring their most ambitious concepts to life in the complex world of payments and financial services. Galileo does this by combining its deep industry expertise with a forward looking, AI and API driven technology competence bringing flexibility, accuracy, security, compliance and innovation in one trusted partner. Galileo is based in Salt Lake City, Utah.
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SOURCE Galileo Processing, Inc.