B2B payments firm 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 news release Tuesday (Feb. 8), saying it picked Galileo for its platform’s flexibility, reliability and scalability.
“Just as the pandemic fueled an accelerated shift of consumers embracing more digital payments, COVID-19 has helped businesses see the necessity of reducing manual, paper-based processes in favor of digital solutions that save time and money,” the Lakewood, New Jersey-based company said.
The global B2B payments market is projected to reach $1.9 trillion in market value in the next six years, Global Rewards said. COO Stephen Schum says this partnership will let the Global Rewards tap into that market, becoming an all-encompassing platform for businesses of all sizes.
“Digital B2B payments are rapidly transforming businesses in many ways,” said Galileo CEO Derek White. “What’s so exciting about working with Global Rewards is their focus on going beyond the payment itself to create exceptional digital experiences that solve unique pain points for clients across different industries.”
Read more: Galileo CEO: Future Banks Will Feel As Different As Paper Maps Of The Past
PYMNTS spoke to White last year about the future of banking, among other topics. He predicted a scenario in which just dozens of traditional financial institutions remain, having carefully plotted ways to serve the connected economy.
He said Galileo is increasingly being recruited by traditional banks to help establish their own neobanks. For those FIs, the move toward the connected economy has been a journey from end user mobile applications to revamps of their core banking systems.
“The legacy systems are 40 years old — and now is the time for them to make the decisions that the next step is to update them,” said White.