The Galileo Direct Deposit Switch has been announced by Galileo, a fintech startup.
The technology, which is powered by Atomic, enables Galileo clients to have faster access to their earnings and an easier way to send some or all of their paychecks into the financial services account of their choice.
“Recent Galileo research shows that individuals are storing more money in more accounts, and they need rapid, flexible solutions to move and manage their money,” Galileo Chief Product Officer David Feuer stated in a news release Tuesday (Dec. 13).
“As we continue to promote digital banking, Galileo Direct Deposit Switch will be the appropriate solution to delivering value for our clients’ ledgers.”
The application, according to the company, allows clients to set up and amend their payroll direct deposit details, as well as specify how much of their paycheck they wish to transmit. Customers may also set up monthly transfers to several accounts as well as accounts for special purposes such as vacation or education funding.
“The new finance function also eliminates processing delays, gives consumers piece of mind by swiftly validating requests, and gives workers more control over where their funds are delivered,” according to the release.
Direct Deposit Switch debuted barely one week after Galileo introduced a buy now, pay later (BNPL) option for banks and FinTechs.
“What’s happening now is that, with APIs and the Internet and the pervasiveness of connectivity, we’re starting to see the next generation of financeā¦ develop at ‘Internet’ speed,” Feuer added.
We also recently worked with Galileo on the most recent edition of our Embedded Finance Tracker. According to our results, small and medium-sized businesses (SMBs) face significant payment friction difficulties.
Payment challenges may take many forms, with 45% of SMBs citing manual reviews as the most difficult obstacle, 43% citing exorbitant payment expenditures, 41% dealing with time-consuming payment processes, and 35% missing financing options as the most difficult challenge. On average, the SMBs we surveyed cited four distinct payment difficulties.