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Central Payments renews partnership with Galileo Financial Technologies

By Gloria Methri

April 14, 2023

  • BaaS
  • Central Payments
  • Embedded Finance Marketplace

Central Payments has announced a long-term processing services renewal with Galileo Financial Technologies, a FinTech company owned and operated by SoFi Technologies. 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 of the future of embedded payments and financial technology.”

Today, Open*CP powers large-scale programs with enterprise companies that have launched transformative financial products. Cotton added, “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 enable innovative brands to build the next generation of financial products to meet customers at their point of need.”

Galileo Financial Technologies enables FinTechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable, and fully integrated platform drives innovation across payments and financial services.

Central Payments provides payments technology and issuing solutions for FinTech and embedded finance businesses. The company’s Open*CP Fintech API Marketplace is one of the only ‘REAL’ banking-as-a-service (BaaS) payments platforms built by FinTech bankers with issuing capabilities embedded.

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