Long-term Contract Extension Ensures Payments Capabilities for Embedded Finance and Fintechs

Central Payments, architect of the award-winning Open*CP Fintech API Marketplace^SM and ‘REAL’ Banking-as-a-Service (BaaS) provider, announces a long-term processing services renewal with Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI). The extended agreement ensures that programs delivered through Open*CP enjoy robust and scalable processing capabilities well into the future.

“We refer to Open*CP as an API Marketplace because we are committed to enabling choice for users among top industry providers,” said Eric Cotton, Executive Vice President, General Manager at Central Payments. “Galileo was the first payments processor in the ecosystem because of our long working relationship and shared vision to the future of embedded payments and financial technology.”

Today, Open*CP powers large-scale programs with enterprise companies who have launched transformative financial products. Cotton adds: “Our contract extension ensures that Galileo will continue to be a material part of our success in powering large, embedded finance programs for a growing list of enterprise clients.”

“As a leading enabler of BaaS and embedded finance, Galileo, and companies like Central Payments, are transforming the way financial services are delivered,” said Seth McGuire, Chief Revenue Officer at Galileo. “Our API-forward approach and scalable, extensible platform enables innovative brands to build the next generation of financial products to meet customers at their point of need.”

About Galileo Financial Technologies

Galileo Financial Technologies, LLC is a financial technology company that enables fintechs, financial institutions, 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 Central Payments

Central Payments is Making Financial Experiences Better® by providing payments technology and issuing solutions for fintech and embedded finance businesses. The company’s Open*CP Fintech API Marketplace^SM is one of the only ‘REAL’ banking-as-a-service (BaaS) payments platforms built by fintech bankers with issuing capabilities embedded. Open*CP’s vertical integration and its native-to-the-cloud technology are the drivers responsible for the rise to the fastest growing prepaid card issuer from 2015 to 2020*. The company also operates Falls Fintech, its startup fintech accelerator and produces Fintech Brews & News, a podcast devoted to helping bridge the gap between banking, startups, and the entire fintech industry. Visit Central-Payments.com and follow on LinkedIn for more information.

^* Source: The Nilson Report

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