Galileo Payment Risk Platform Now Available to the Entire Financial Services Ecosystem

Risk Management
20.10.2023 07:20 am

Galileo Financial Technologies, LLC, a leading financial technology company independently owned and operated by SoFi Technologies, Inc., is now offering the Galileo Payment Risk Platform to the entire financial services ecosystem. This holistic fraud engine delivers real-time payment risk mitigation controls that allow any fintech or financial brand to proactively reduce fraud losses and minimize payment risks.

The Galileo Payment Risk Platform as a standalone solution allows companies not currently in the Galileo processing ecosystem to integrate Galileo’s fraud APIs to:

Implement multi-channel, adjustable risk assessments and controls, based on a broad variety of levers available during real-time transactional decision-making
Offer custom tailored risk controls based on client risk appetite
Utilize advanced data elements embedded into enhanced rules and machine learning-based models, taking into account entities such as merchants, channels, geo-locations, etc.
Leverage network risk checks and assessments for fraud decisioning

With the U.S. real-time payments market projected to grow at a compound annual rate of 10.12% from 2022 to 2027, organizations need sophisticated AI and machine learning-based tools that provide real-time insights for companies to act on more than ever.

“In the fight against fraud, banks, fintechs and program managers are constantly solving for two key challenges: minimizing fraud losses and deploying anti-fraud strategies to respond to new threats and elevate the customer experience,” said David Feuer, Chief Product Officer at Galileo. “The Galileo Payment Risk Platform is designed to help financial brands do both by enhancing the availability of real-time fraud controls.”

The Galileo Payment Risk Platform was developed to seamlessly integrate through open APIs and employ cutting-edge AI and machine learning technology to deliver multi-layered authentication processes, dynamic fraud decisioning and real-time insights. Galileo's proactive approach to fraud mitigation combines the power of industry expertise, technology, and data. The Galileo Payment Risk Platform is designed to deliver actionable insights, derived from more than 100 million unique spending patterns, to improve payment fraud mitigation strategies and stop impending threats before they happen.