U.S. fintech Galileo Financial Technologies announced on Thursday the full launch of Galileo Instant, which is described as a frictionless solution for gig-economy, marketplace, e-commerce, fintech, and other businesses that want the speed and convenience of creating debit cards through a single point of contact. In November 2019, Instant launched in beta mode. Just prior to this month’s full launch, Instant had a waiting list of over 100 businesses.
Early adopters of Instant looking to achieve cost-saving and new revenue opportunities through Instant’s interchange revenue sharing plan represent a variety of use cases, including:
- Content Creation Platforms: Create physical debit cards to instantly pay revenue share or subscription fees.
- Gig Employees and Contractors: Create physical debit cards to instantly pay employees on a per gig basis.
- Startup Fintechs: Create bank accounts and live debit cards to demonstrate digital banking account features to investors.
Galileo reported that while all types of businesses can use Instant to create branded debit cards issued by a financial institution, the Instant solution is particularly useful for the U.S. businesses paying millions of 1099 workers.
“By working with banks to standardize the debit card issuing process, Instant reduces the cost of entry and time to market compared to traditional solutions. This makes it fast and affordable for businesses that need a card and digital banking solution—but don’t want to be in the payment business—to have one.”
While sharing more details about Galileo Instant, Galileo Instant Managing Director, Cole Wilkes, stated:
“Fast growing companies—like streaming and gig platforms, for example—need to pay their content creators and gig workers quickly and easily, but there hasn’t been an easy way to do that. With Instant, we’ve created a solution that enables businesses to easily create branded debit cards and accounts for these individuals and pay them instantly, ending the cost of cutting checks or making ACH payments.”
Galileo added that the implementation process begins with the Instant Dashboard, a portal where businesses can find everything they need to launch and scale a debit card programs and access the Instant API.
Founded in 2000, Galileo claims it has grown to become one of the latest payment processors and program managers in North America. It also says it is the only payments innovator that applies tech and engineering capabilities to empower fintechs and financial institutions to unleash their full creativity to achieve their financial goals.