Latest news with #PrashantShah
Yahoo
21-05-2025
- Business
- Yahoo
Galileo Financial unveils payment method switch
Galileo Financial Technologies has launched a new service called Galileo Payment Method Switch, to ease bill payments. This service, which is powered by Atomic, facilitates updating payment methods across various merchants and service providers. The Galileo Payment Method Switch allows users to easily change their default payment options, including debit and credit cards, as well as bank accounts. The service is said to be useful for managing payments related to subscriptions, utility providers, and digital wallets like Venmo and PayPal. Banks, fintechs, and brands can integrate the Galileo Payment Method Switch into their applications, enabling customers to prioritise their issued cards or accounts for recurring payments. The integration is also compatible with Galileo's Direct Deposit Switch, which may help clients to accelerate their service launch timelines. Atomic's role in the partnership involves providing the necessary connectivity to update payment information across different merchants' billing systems. Galileo, on the other hand, is responsible for the secure exchange of card and account details. The service offers users the ability to select which card or account to use for each bill and seeks to minimise payment errors by providing a way to update payment details, preventing missed payments. Furthermore, the solution enables users to set a default card or account for recurring bills and subscriptions and interchange revenue when a card is utilised. Galileo product management vice president Prashant Shah said: 'Galileo Payment Method Switch allows banks, fintechs and brands to help customers easily manage bill payments without leaving an app they already trust. This solution keeps people spending in a branded environment, creating new recurring revenue streams, which are proven to be stickier, more predictable and scalable. We're pleased to expand our role as the one-stop shop for supporting modern payments.' In March 2024, Galileo expanded its Buy Now, Pay Later offering, which allows banks and fintechs to offer cardholders installment payment options on their existing debit or credit card accounts. "Galileo Financial unveils payment method switch " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
20-05-2025
- Business
- Business Wire
Galileo Launches Payment Method Switch to Help Banks, Fintechs, and Brands Stay Top of Wallet Through Easier Bill Payments
SALT LAKE CITY--(BUSINESS WIRE)-- Galileo Financial Technologies, SoFi Technologies, Inc.'s Technology Platform (NASDAQ: SOFI), has launched Galileo Payment Method Switch, powered by Atomic. This product enables banks, fintechs and brands to make it easier for people to update their default payment method—including debit cards, credit cards, and bank accounts—across leading merchants, subscription services, utility providers, and digital wallets like Venmo or PayPal, all in one place. Clients can embed Galileo Payment Method Switch into their own apps, positioning their card or account as the most visible and convenient option for recurring bills and everyday payments. Share Clients can embed Galileo Payment Method Switch into their apps, positioning their own issued card or account as the most visible and convenient option for recurring bills and everyday payments–helping them become their customers' preferred choice as subscription-based and automatic payments continue to rise. Global recurring payment transactions are projected to exceed $15.4 trillion in 2027. According to Atomic, people switch an average of three to five payments during their first visit, linking approximately $420 in recurring monthly spend. These usage patterns underscore growing demand for fast, easy ways to manage payments—especially when cards expire or accounts change. Galileo Payment Method Switch lets people update their payment method in seconds. With a single integration–also compatible with Galileo Direct Deposit Switch –clients can speed up launch timelines and give people an easy way to update payment methods, directly from their app. Atomic provides the merchant connectivity to update information across billing systems, while Galileo manages the secure exchange of card and account details, helping clients simplify payment management for their customers, drive account primacy, and earn more interchange revenue. 'Galileo Payment Method Switch allows banks, fintechs and brands to help customers easily manage bill payments without leaving an app they already trust,' said Prashant Shah, Vice President, Product Management at Galileo. 'This solution keeps people spending in a branded environment, creating new recurring revenue streams, which are proven to be stickier, more predictable and scalable. We're pleased to expand our role as the one-stop shop for supporting modern payments.' Benefits for Consumers Easy Updates in One Place: Change or update payment details–such as a new debit or credit card, or a different bank account– for thousands of popular merchants, subscriptions, and utility providers all from one banking, fintech, or brand app. More Control and Flexibility: Choose which card or account to use for each bill, giving them more control over how they pay. Fewer Payment Errors: Avoid missed payments or mistakes with fast, secure payment updates–no need to manually enter card or account details on multiple merchant websites. Benefits for Banks, Fintechs and Brands Account Primacy and Increased Revenue: Boost customer stickiness by allowing them to set a default card or account for recurring bills and subscriptions, thereby increasing recurring payments and interchange revenue whenever a card is used. Faster Setup: One-time integration with simple steps that help customers get started quickly and stay connected. Stronger Loyalty: Making payments easy builds lasting customer relationships. 'We're helping financial services providers stay top of wallet by delivering a more seamless experience for their customers,' said Jordan Wright, Co-founder and CEO of Atomic. 'Our continued partnership with Galileo enables institutions to make it easier for people to update their payment methods—driving increased spend and deeper engagement.' To learn more about Galileo Payment Method Switch, visit About Galileo Financial Technologies 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. About Atomic Atomic is the market leader in growing account primacy and enabling financial connectivity that drives action. They are trusted by over 195 financial institutions and fintech firms, including 13 of the top 20 fintech firms and 8 of the top 10 financial institutions. Atomic serves as the essential bridge between consumer data and financial solutions by allowing unparalleled access to payroll, HRIS systems, and merchants, facilitating a range of financial services including direct deposit switching, income and employment verification, payment method updating, and subscription management. For more information, visit ©2025 Galileo Financial Technologies, LLC. All rights reserved. Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in North and Latin America.
Time of India
29-04-2025
- Time of India
Eight accused of power theft, forgery in Chandola
Ahmedabad: A senior officer of the electricity distribution firm, Torrent Power , filed an FIR with the Detection of Crime Branch (DCB) on Tuesday, alleging large-scale electricity theft and document forgery in the Chandola Lake area. The complainant, Atul Patel, 51, assistant manager with Torrent Power's Amraiwadi Zone, stated he and his team found illegal electricity connections in multiple locations, including Razab Shethni Chali, Millatnagar, Suryanagar and Nawabnagar. The connections were drawn unauthorizedly from the official power grid to nearby makeshift houses. Torrent staff, including Prashant Shah, Ankit Patel, Pankaj Chaudhary and Parth Rawal, found that individuals named Rahim Sheikh, Mustafa Diwan and Basir Sheikh were allegedly supplying electricity illegally to several unauthorised dwellings. It was also found that the electricity bills from Torrent Power were being misused to falsely claim ownership or tenancy rights. The complaint also says that forged rent agreements were created using fake documents, including electricity bills, to establish illegal occupancy of govt land around Chandola Lake. The fraud reportedly involved collecting monthly rent and utility payments from the tenants. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo According to the complaint, key individuals named in the alleged conspiracy include Lalabhai and his son Fateh Mohammed Pathan, Ahmad Shekh, Rehana Bibi Pathan and Kusnubanu Shah. They have been accused of electricity theft, creating fake documents and collecting money from illegal tenants. Torrent Power teams disconnected the unauthorised power connections and removed illegal wiring during the inspection. DCB registered the case under multiple sections of the Bhartiya Nyaya Sanhita, including charges related to theft, criminal breach of trust, cheating, forgery and criminal conspiracy. Sections of the Indian Electricity Act have also been applied.
