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Central Payments Extends Processing Services Relationship with Galileo Financial Technologies
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Rhea-AI Summary
Central Payments has announced a long-term renewal of processing services with Galileo Financial Technologies, a key player in the embedded finance sector. This agreement aims to enhance the processing capabilities of their Open*CP Fintech API Marketplace, ensuring robust support for enterprise clients looking to launch transformative financial products. Central Payments emphasizes its commitment to empowering choice among top industry providers through this extended partnership, which is pivotal for the future of embedded payments. The Chief Revenue Officer of Galileo noted the transformative impact of their API-forward approach on delivering innovative financial services.
Positive
Long-term contract renewal with Galileo enhances processing capabilities.
Central Payments positions itself as a leader in embedded finance.
The partnership supports enterprise clients in launching innovative financial products.
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Long-term Contract Extension Ensures Payments Capabilities for Embedded Finance and Fintechs
SALT LAKE CITY--(BUSINESS WIRE)--
Central Payments, architect of the award-winning Open*CP Fintech API MarketplaceSM and ‘REAL’ Banking-as-a-Service (BaaS) provider, announces a long-term processing services renewal with Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI). The extended agreement ensures that programs delivered through Open*CP enjoy robust and scalable processing capabilities well into the future.
“We refer to Open*CP as an API Marketplace because we are committed to enabling choice for users among top industry providers,” said Eric Cotton, Executive Vice President, General Manager at Central Payments. “Galileo was the first payments processor in the ecosystem because of our long working relationship and shared vision to the future of embedded payments and financial technology.”
Today, Open*CP powers large-scale programs with enterprise companies who have launched transformative financial products. Cotton adds: “Our contract extension ensures that Galileo will continue to be a material part of our success in powering large, embedded finance programs for a growing list of enterprise clients.”
“As a leading enabler of BaaS and embedded finance, Galileo, and companies like Central Payments, are transforming the way financial services are delivered,” said Seth McGuire, Chief Revenue Officer at Galileo. “Our API-forward approach and scalable, extensible platform enables innovative brands to build the next generation of financial products to meet customers at their point of need.”
About Galileo Financial Technologies
Galileo Financial Technologies, LLC is a financial technology company that enables fintechs, financial institutions, emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
About Central Payments
Central Payments is Making Financial Experiences Better® by providing payments technology and issuing solutions for fintech and embedded finance businesses. The company’s Open*CP Fintech API MarketplaceSM is one of the only ‘REAL’ banking-as-a-service (BaaS) payments platforms built by fintech bankers with issuing capabilities embedded. Open*CP’s vertical integration and its native-to-the-cloud technology are the drivers responsible for the rise to the fastest growing prepaid card issuer from 2015 to 2020*. The company also operates Falls Fintech, its startup fintech accelerator and produces Fintech Brews & News, a podcast devoted to helping bridge the gap between banking, startups, and the entire fintech industry. Visit Central-Payments.com and follow on LinkedIn for more information.
What is the significance of the contract extension between Central Payments and Galileo?
The contract extension secures long-term processing capabilities for Central Payments' Open*CP Fintech API, ensuring continued support for enterprise clients.
How does the partnership between Central Payments and Galileo affect SoFi Technologies (SOFI)?
As Galileo is owned by SoFi Technologies, the contract renewal directly supports SoFi's strategy in the embedded finance space.
When was the contract renewal between Central Payments and Galileo announced?
The contract renewal was announced in April 2023.
What services does the Open*CP Fintech API Marketplace provide?
The Open*CP Fintech API Marketplace offers payments technology and issuing solutions for fintech and embedded finance businesses.
