Galileo Processing is one of the largest payment processors and program managers in North America. Find out everything you need to know Galileo’s new cryptocurrency payment processing API today in our review.
What Is Galileo Processing?
Founded in Salt Lake City in 2000, Galileo Processing has grown to become one of the largest payment processors in North America. Today, the company offers a diverse range of fintech tools to businesses around the world. Some of the company’s partners include VISA, MasterCard, Discover, Chime, Varo, and InteractiveBrokers.
Basically, Galileo offers turnkey payment processing platform solutions to enterprise customers around the world.
Why are we talking about a Utah-based payment processing company on a cryptocurrency blog? Well, Galileo is a general fintech company. The company is always searching for ways to innovate in the fintech space. They recently added blockchain-based cryptocurrency processing services to their offerings, helping clients process cryptocurrencies more easily. Galileo made headlines in April 2018 for launching its crypto payment processing API, which we’ll talk about below.
Galileo Launches Crypto Payment API Solution
On April 12, 2018, Galileo announced that it was launching its Galileo Cryptocurrency API. That API is designed to bridge the gap between cryptocurrencies and mainstream payment solutions.
The entry of the 17 year old company into the cryptocurrency market is a big deal. Typically, we’re used to seeing startups offering crypto-based payment platforms. Galileo is a major payment processing company and they now support cryptocurrency payments.
Here’s how the press release described the new payment solution:
“Galileo’s cryptocurrency API is the first-of-its-kind to enable card issuers to offer the ability to transfer funds and make purchases in real time at the point of sale. All transactions are conducted in fiat currency and converted to cryptocurrency at settlement by Galileo. Other cryptocurrency solutions in the marketplace rely on card programs and pre-selecting a currency and denomination.”
In other words, Galileo’s Cryptocurrency API will work in a similar way to traditional crypto payment solutions, allowing customers to choose how they get paid and in which currencies (fiat or crypto).
Galileo’s existing customers can now integrate cryptocurrency payments into their existing payment platform via the API.
Galileo Processing Products And Services
Galileo Processing provides a wide variety of fintech services for clients. The new Galileo Cryptocurrency API is just one of many APIs offered by the company.
The company offers customizable fintech platforms, allowing users to enjoy unparalleled flexibility while getting the customization they need to be successful.
Galileo’s APIs are a key part of their fintech platform. The company’s APIs let clients access over 100 methods, giving clients multiple ways to integrate and create your payment platform.
Some of the core functions of the Galileo Processing platform include:
- Create accounts
- Assess fees
- Debit and credit account balances
- Add payment devices
- Modify account and card statuses
- Get transaction histories
- Modify customer details
- Create ACH, bill payments, and other transactions
You can view the full API (sandbox) here: sandbox.gpsrv.com/
Overall, Galileo aims to offer open APIs and a robust sandbox. The company aims to remove surprises for businesses that handle payments by opening APIs and providing access to virtually anyone – including clients, prospects, students, and freelance developers.
The sandbox linked above gives users a live look at Galileo’s operating environment. Developers can code to Galileo’s APIs and use the sandbox to test concepts at various stages of development.
In addition to the payment processing APIs mentioned above, Galileo offers cryptocurrency payment processing and blockchain technology. Here’s how the company explains its recent branch into cryptocurrencies and blockchain:
“Blockchain technology is changing the way people think about money. By enabling transactions and facilitating instant conversions; Galileo is leading the charge in streamlining cryptocurrency integration and merchant acceptance.”
Other general services offered by Galileo’s payment processing platform include debit, credit, commercial, prepaid, virtual, and mobile transaction processing. And now, as of April 12, the company can add cryptocurrency payment processing to that list.
One final service offered by Galileo is the dynamic fraud engine and artificial intelligence system, which claims to reduce the fraud loss average for participating clients “to less than one basis point”, which is 80% lower than the industry average. This system is called Fraud AI, and Galileo claims it’s the most accurate AI for fraud in the industry. it increases fraud detection accuracy, precision, speed, and confidence while protecting consumers at all times.
Overall, Galileo has launched thousands of customized programs over the years. Their solution is unique for each client. They can help clients built customized payment processors suited to their unique needs. Clients get a complete turnkey solution that meets their payment processing needs.
Galileo Processing Conclusion
Galileo Processing is a payment processing company founded in 2000. This past week, the company announced plans to launch its own cryptocurrency API. That API will allow Galileo’s new and existing clients to easily add support for cryptocurrency payments.
This is big news for the cryptocurrency industry – and it’s one reason why the markets are up overall on April 12.
To learn more about Galileo and their fintech solutions, visit online today at GalileoProcessing.com.