Galileo Grows Through Expanded Capabilities Including Fraud AI Solution
Salt Lake City—Galileo, one of the largest and most innovative payments processors and program managers in North America for prepaid, debit, credit and virtual transaction processing, announced Thursday significant company growth and expanded capabilities that address timely issues impacting the payments industry, including fraud and cryptocurrency.
Galileo achieved a 150 percent increase in new clients in 2017 from 2016, including an expansion into the online brokerage industry. In 2017, the dollar value loaded onto Galileo’s platform increased 23 percent over the prior year, and Galileo also experienced a 60 percent increase in its annual run rate. During this time, the company launched an open API sandbox for fintech companies, developed a cryptocurrency API solution and enhanced its industry-leading fraud solution with artificial intelligence (AI) capabilities.
“As a leading processor and program manager for nearly 20 years, Galileo has both proven experience and robust, modern technology to meet the needs of today’s payments and fintech industries,” said Clay Wilkes, founder and CEO of Galileo Processing. “We’re passionate about empowering and strengthening innovation in payments, and we look forward to Galileo’s continued growth and success.”
With global card fraud losses reaching $22.8 billion in 2016 and an expected increase to $32.9 billion by 2021, Galileo developed its artificial intelligence capability for fraud, called Fraud AI, which can significantly increase fraud detection accuracy and reduce false positives to protect customers’ user experiences. Galileo clients using its rules-based, customizable Dynamic Fraud Engine experience fraud losses of approximately one basis point, on average, which is 80 percent lower than the industry average of five basis points. By adding Fraud AI as an additional data point, participating clients can potentially reduce fraud loss averages to less than one basis point.
As part of the company’s dedication to inspiring and empowering fintech and payments innovation, Galileo also expanded many of its API capabilities in 2017, including:
- Opening its robust suite of APIs and sandbox to enable developers to experiment and test their creativity in a secure environment without signing an NDA; and
- Developing its cryptocurrency API to bridge the gap between cryptocurrencies and payments by enabling customers to seamlessly deposit funds denominated in cryptocurrencies to their accounts, and spend those funds with the ease and immediacy they’re accustomed to when using payments cards or apps.