Developer Setup for Galileo Secured Credit

This guide describes the endpoints and procedures for implementing Galileo Secured Credit.

Endpoints for Galileo Secured Credit

This table lists actions for creating and managing secured credit products at Galileo, and related Program API endpoints. Guides provide additional information and procedures.

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Note

Endpoints listed here are not exclusive to secured credit products. The same endpoints are used across Galileo products.

*As of October 2023, updating the credit limit is automated for new clients. For existing clients using Galileo Secured Credit, you must adjust the credit limit by calling Set Credit Limit. Check with Galileo if you are interested in automating this capability.

Creating secured credit accounts for a new or existing customer

This section describes how to set up accounts for Three-Account and Dynamic Funding. For an example account creation workflow, see Secured credit account structure under Secured Credit Workflows.

Deposit account

The deposit account can be a DDA or another type of account capable of holding and transferring funds for Three-Account and must be a Galileo DDA for Dynamic Funding. Existing customers will already have a deposit account. When you create this account for a new customer, follow the normal onboarding procedure as described in the Creating an Account guide.

• If you are setting up secured credit for an existing customer, and the deposit account has a debit card linked to it, you may decide to deactivate the existing debit card depending on your business plan. For a DDA, see Canceling the DDA debit card in this guide.

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Note

Depending on your program, you can upgrade existing customers to Dynamic Funding without having to open a new DDA account with Galileo. Reach out to your Galileo representative to learn more.

• If you are setting up secured credit for a new customer, you do not need to create a debit card linked to the deposit account.
• Pass e-sign verification information to Galileo via Set Account Feature. Send featureType: 19 (E-sign Act opt-in) and the appropriate featureValue (set to Y to receive electronic letters).

Depending on your internal setup, you may require the cardholder to deposit funds into the deposit account either before the secured credit account is created, or after all three accounts are created. The deposit account must contain funds before you can establish a credit limit with the secured account.

Secured credit account

The secured credit account links to the credit card and gives the cardholder access to the credit limit. To create a new charge card account for an existing customer, send an Add Account request. This table describes parameters that are specific to creating a new charge card account.

Collateral account

The secured credit account contains the collateral funds for the credit line. You set the credit line according to the amount in this account. To create a new secured credit account for an existing customer, send an Add Account request. This table describes parameters that are specific to creating a new secured credit account.

Implementing billing cycles

The customer’s billing cycle is implemented when an account is created with the Create Account, Add Account, or Create Virtual Card Account endpoint. When you send a request to one of these endpoints, the billing cycle day will be returned in the billing_cycle_day field as a value within the range of 1–28. The billing_cycle_day field is returned as null for bi-weekly billing cycle date for consumer credit.

Monthly consumer credit and corporate credit billing cycles are dependent on the value set in BRCDT. Bi-weekly billing cycle value is determined during product configuration. See Configuring Billing Cycles for a description of each configuration.

Enabling autopay

To setup the autopay for a customer, call Set AutoPay Plan with the autopayStatus as enabled and a paymentDay as a value within the range of 1–28. You also provide the account number where funds are transferred to (accountNo) and the account number of the collateral account where funds are being transferred from (fromAccountNo).

You also use this endpoint to update the cardholder’s scheduled payment date by specifying the new value in paymentDay.

For secured credit accounts that have authorized users, autopay applies only to primary cardholders.

Disabling autopay

To disable the autopay, call Set AutoPay Plan with autopayStatus as disabled, paymentDay between 1–28 that aligns with the date of the billing cycle configuration. You also specify the account number where funds are transferred to (accountNo) and the account number of the collateral account where funds are being transferred from (fromAccountNo).

Cardholders can request to disable autopay at any time. If the cardholder requests before their scheduled payment date, autopay will be disabled for the upcoming payment. If they request it on or after the payment date, autopay is disabled for the subsequent payment.

Configuring autopay retry logic

Enabling retry logic automatically schedules a retry payment after a defined number of days if issues occur, such as insufficient funds or an invalid account number is provided.

To configure the retry logic, use Set AutoPay Attempt with retryAttempt as a value between 0 - 4 and retryInterval between 1–7. This allows for up to 4 retries with up to 7 days between each retry.

If the retry attempts continue to fail once the set retry logic is exhausted, autopay will be disabled for the cardholder’s account. Galileo sends the autopay_status_change_event with change_to_status as disabled.

Retrieving the customer’s payment history

To display the payment history for an account, call Get AutoPay History with accountNo, along with startDate and endDate in ISO 8601 format (2020-07-10 15:00:00.000).

Canceling the DDA debit card

When you set up Galileo Secured Credit for an existing cardholder, you may decide to cancel the DDA debit card at the time that the charge card is activated. Keep in mind that virtual cards are automatically activated. See Card cancelation in the Setting Up a Card Program guide for more information.

Setting the credit limit

After the secured credit account is created, follow these steps to set the credit limit:

1. Send the Create Account Transfer request to move funds from the primary account into the secured account.
2. Galileo adjusts the credit limit*.

_{*As of October 2023, updating the credit limit is automated for new clients. For existing clients using Galileo Secured Credit, you must adjust the credit limit by calling Set Credit Limit. Check with Galileo if you are interested in automating this capability.}

Modify Status for secured credit accounts

When the primary account status changes, it directly impacts the status of all its associated authorized user accounts, and vice versa. This interdependency ensures that changes in the secured credit account status are consistently applied across related accounts.

The table below describes the impact of status changes between primary secured credit accounts and authorized user secured credit accounts.

Status changes when the primary account is modified

Status changes when the secondary (authorized user) account is modified

• Refer to Account Statuses for the full list of account statuses and descriptions.
• Use Modify Status to change the status of an account.

Reporting account closure status

When a secured credit account closes, you can send the account closure status to Galileo. If Galileo handles your credit reporting, this status will be included in the report. For an overview of account closure status reporting for secured credit products, see Account closure status reporting.

To report account closure status, send a Modify Status request with the following parameters:

This table lists possible values for closureReason.