Investment Firms Can Attract Incremental Assets Under Management with Consumer Accounts that Combine the Growth Potential of Investing with the Convenience of Everyday Payments
SALT LAKE CITY (May 09, 2018) Galileo—one of North America’s most innovative payments companies, known for providing the underlying technology to many leading fintech firms and supporting debit, credit, prepaid, commercial and virtual cards linked to more than 87 million accounts—has launched its Galileo Securities Solution to assist asset managers, registered investment advisors, broker-dealers, wealth managers and robo-advisors to build world-class financial products that bridge securities, investing, banking and payments.
“This is a totally new opportunity for all types of investment firms to attract transactors and savers into a new bank-like product that draws on the value of securities,” explains Galileo CEO Clay Wilkes.
The Galileo Securities Solution provides all the capabilities for the investment community to create an entirely new type of product to win new customers and attract incremental assets under management—especially from consumers dissatisfied with low returns on the cash assets they set aside for everyday expenses and short-term saving. With the Galileo Securities Solution, investment firms can create products that offer consumers the potential of higher returns on invested funds combined with bank-like conveniences—such as a debit card, mobile app, mobile check deposit, bill pay and person-to-person payments. One-hundred percent of funds are invested until consumers need to pay their rent or mortgage, transfer money to a child away at school or even buy a cup of coffee.
“The Galileo Securities Solution is enabling new consumer adoption into the world of investments by providing tools for investment firms to create products that become consumers’ primary financial accounts for investing and transacting,” says Wilkes. “This means investment firms can vie for the more than $9.5 trillion consumers set aside in cash for daily and emergency expenses—offering them immediate access to their invested funds, while keeping their money working hard in suitable investments that align with their preferences for risk and return.
“Unlike other investment accounts that merely add a debit card,” he adds, “the Galileo Securities Solution is the first to create a bank-like structure that draws on securities as the source of liquid assets. There’s no sweeping of funds between investment and demand accounts—every cent is invested until consumers choose to access their money.”
Galileo is currently in discussions with several top-tier investment firms and working with award-winning Interactive Brokers to bring the next generation of investing and financial products to market.
“Galileo was the natural partner for our Interactive Brokers Debit Mastercard, which enables our customers to access the value in their accounts with an integrated payment card and stay invested until the money is needed,” comments Steve Sanders, executive vice president of market and product development for Interactive Brokers. “Galileo’s robust solution and APIs were instrumental in creating our product and, we believe, contributed to Interactive Brokers winning the distinction of Barron’s top online broker for 2018.”
The Galileo Securities Solution provides comprehensive tools for investment firms to offer consumers investment capabilities with bank-like features, including technology and back-office support. It includes the Galileo Securities API, which supports: onboarding individual accounts; providing identity collection and verification; querying for investment suitability; tracking customers’ positions in securities in real time, including end-of-day and intraday trading, and fixed and floating NAV; providing notifications when trades are necessary to meet consumer purchases; tracking confirmations, dividends and interest; and handling statement management and reporting. It also includes simplified intelligent suitability and the ability for investment firms to choose the funds they make available in their Galileo Security Solution-supported products.
The Galileo Securities API complements Galileo’s suite of advanced APIs—including the Galileo Program Master API, Galileo Real-Time Alerts API, Galileo Authorization Controller API—enabling investment firms, to achieve their business goals by creating transformational consumer banking and payments products.
Founded in 2000, Galileo is one of North America’s largest and most innovative payments processors and program managers, supporting 87+ million accounts. Galileo continues its commitment to transform the financial experience with the launch of the Galileo Securities Solution, uniquely integrating banking and payments with investing and securities. The API-based Galileo Securities Solution offers investment organizations the power to create custom investment-based products with true bank-grade payments functionality to attract customers and drive incremental asset acquisition. This first-of-its-kind solution is supported by Galileo’s nearly two decades of unmatched industry leadership in fraud detection, security, AI, regulatory compliance support and advanced analytics.
Learn more at www.galileoprocessing.com/galileo-securities.