Galileo Expands Access to Payment Risk Platform

SoFi-owned Galileo Financial Technologies now offers its 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 reduce fraud losses and minimize payment risks proactively.

The Galileo Payment Risk Platform as a standalone solution allows companies not in the processing ecosystem to integrate Galileo’s fraud APIs to implement multi-channel, adjustable risk assessments and controls based on a wide 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 and geo-locations, and 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, the company said said 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 integrate through open APIs and employ AI and machine learning technology to deliver multi-layered authentication processes, dynamic fraud decisioning and real-time insights. The company said said its 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.

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