Global Rewards operates the Galileo platform

B2B payments company Global Rewards is working with FinTech Galileo to offer its customers access to Galileo’s cloud-based technology platform and APIs.

Global Rewards announced the collaboration in a press release on Tuesday February 8, saying it chose Galileo for the flexibility, reliability and scalability of its platform.

“Just as the pandemic has fueled an accelerated consumer shift towards more digital payments, COVID-19 has helped businesses understand the need to reduce manual, paper-based processes in favor of digital solutions that save time and money. money,” said Lakewood, New Jersey. – based company said.

The global B2B payments market is expected to reach $1.9 trillion in market value over the next six years, Global Rewards said. COO Stephen Schum said the partnership will allow Global Rewards to tap into this market, becoming a global platform for businesses of all sizes.

“Digital B2B payments are rapidly transforming businesses in many ways,” said Derek White, CEO of Galileo. “What’s so exciting about working with Global Rewards is their focus on going beyond payment itself to create exceptional digital experiences that solve unique problems for consumers. customers from different sectors.

Read more: Galileo CEO: Future banks will feel as different as paper cards of the past

PYMNTS spoke to White last year about the future of the bank, among other topics. He predicted a scenario in which only dozens of traditional financial institutions would remain, having carefully mapped out ways to serve the connected economy.

He said Galileo is increasingly being recruited by traditional banks to help establish their own neobanks. For these financial institutions, the shift to the connected economy has been a journey from end-user mobile apps to redesigning their core banking systems.

“Legacy systems are 40 years old — and now is the time for them to decide that the next step is to update them,” White said.



On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

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