Galileo Introduces Corporate Credit Solution that Streamlines B2B Expense Management for Fintechs and Non-Financial Brands
17 October 2023 - 11:00PM
Business Wire
Galileo Corporate Credit solution consolidates
credit limits to deliver better spend visibility, and remove
accounting complexities
Galileo Financial Technologies, LLC, a leading financial
technology company owned and operated independently by SoFi
Technologies, Inc. (NASDAQ: SOFI), today launched the Galileo
Corporate Credit solution to help businesses modernize expense
management. Traditionally, managing thousands of employee charge
cards and their individual credit limits has been a complex and
time-consuming task for companies. The Galileo Corporate Credit
solution simplifies this process by introducing a central account
with a single credit limit for fintechs and non-financial brands to
facilitate a streamlined billing cycle and enable corporate-level
repayments.
In the past, companies issuing charge cards to employees for
business-related expenses faced the challenge of keeping track of
multiple account balances, each with its own credit limit. The
laborious process of totaling balances from dozens, hundreds, or
even thousands of accounts often provided only a static snapshot of
credit utilization, quickly becoming outdated and requiring
repeated calculations.
The Galileo solution can help businesses transform B2B expense
management through:
- Simplified tracking and management of multiple employee charge
cards.
- Real-time visibility into available credit across all connected
cards.
- One single repayment at the funding account level, due at the
end of the billing cycle.
- Enhanced security and control over expenses.
This streamlined approach means that companies only need to
check the credit limit of the central account to ascertain
available credit but can still have access to transaction records
for each individual card.
"Businesses have been held back by cumbersome and complicated
expense management processes that lack spend visibility," said
David Feuer, Chief Product Officer at Galileo Financial
Technologies. "As a trusted B2B payments technology partner, we're
excited to help more corporate clients gain better control over
their own expenses while driving efficiencies through simplified,
streamlined spend management tools."
For cardholders, the experience remains consistent with
conventional charge cards. Transactions are approved and declined
based on credit limit availability. Additional safeguards, such as
velocity limits and merchant type restrictions, can be applied
either to individual cards or the whole program.
Galileo's Corporate Credit solution is designed to remove
accounting complexity by offering a central account with a single,
easily managed credit limit. Here's how it works:
- When a connected card is used for a purchase, Galileo instantly
checks the credit limit of the central account.
- If sufficient credit is available, the purchase is
approved.
- All connected cards draw from the same central credit
limit.
- When the credit limit is reached, all purchases are temporarily
denied until the balance is paid down.
For more information about the Galileo Corporate Credit Limit
solution and its benefits, please visit
https://docs.galileo-ft.com/pro/docs/corporate-credit-limit.
About Galileo
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231017603573/en/
Katie Boyless The Fletcher Group 404.791.8245
katie@fletchergroupllc.com
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