Developer Setup for Galileo Secured Credit

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

Considerations for Dynamic Funding

If your product is configured for Galileo Secured Credit: Dynamic Funding, Galileo handles some processes for money movement and setting the credit limit:

  • Moving funds into the collateral account — You do not need to manually move a quantity to the collateral account. Instead, the collateral account balance starts at $0.00. When the cardholder makes a purchase with the charge card, Galileo moves funds to the collateral account. However, funds movement out of the collateral account is not automated.
  • Credit limit — With Dynamic Funding, the credit limit is governed by the amount in the primary account rather than the collateral account. You do not need to manually set the credit limit.

For more information, see Dynamic Funding under About 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.

ActionEndpoint(s)Guide(s)
Create the primary account, charge card account, and collateral accountCreate Account
Add Account
Creating an Account
Activate the charge cardActivate CardActivating a Card
Move funds into the collateral accountCreate Account TransferCreating an Internal Transfer
Move funds out of the collateral accountCreate Adjustment
Create Payment
About Adjustments
Creating a Payment
Update the credit limit when the collateral account balance changes*Set Credit Limit
Change account or card statusModify StatusAccount status in About Accounts
Card Statuses
Report account closure statusModify StatusAccount closure status reporting in Setting Up Secured Credit
Reporting account closure status in Developer Setup for Secured Credit
Get account and card informationGet Account Overview
Get Card
Retrieving account information in About Accounts
Viewing card information in Retrieving Card Information
View credit historyGet Credit Summary
Get Credit Limit Change History
Charge off an unpaid account. If Galileo handles your credit reporting, the charge-off is included in the report.Charge Off AccountRelated to Account closure status reporting

* Do not use for Dynamic Funding products

Creating secured credit accounts for new or existing customers

Secured credit requires three accounts: a primary account, a charge card account, and secured credit account. This section describes how to set up each account. For an example account creation workflow, see Secured credit account structure under Galileo Secured Credit Workflows.

Primary account

The primary account for a secured credit product can be a DDA or another type of account capable of holding and transferring funds. Existing customers will already have this account. When you create the primary 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 primary 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.
  • If you are setting up secured credit for a new customer, you do not need to create a debit card linked to the primary 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 primary account either before the secured credit account is created, or after all three accounts are created. The primary account must contain funds before you can establish a credit line with the secured account.

Charge card account

The charge card account links to the credit card and gives the cardholder access to the credit line. 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.

ParameterDescription
prodIdProduct ID for the charge card product
primaryAccountPRN for the primary account

Collateral account

The collateral account contains the collateral funds for the credit line.

  • For products with Dynamic Funding, Galileo moves funds into this account when the cardholder makes a purchase.
  • For products without Dynamic Funding, you set the credit line according to the amount in this account.

To create a new collateral account for an existing customer, send an Add Account request. This table describes parameters that are specific to creating a new collateral account.

ParameterDescription
prodIdProduct ID for the charge card product
primaryAccountPRN for the primary account

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 line

For products without Dynamic Funding, after the collateral account is created, follow these steps to set the credit line:

  1. Send the Create Account Transfer request to move funds from the primary account into the collateral account.
  2. Send the Set Credit Limit request to adjust the credit line.

For products with Dynamic Funding, this step is unnecessary because the credit line is governed by the amount in the primary account.

Reporting account closure status

When a Galileo 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 under Setting Up Secured Credit.

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

ParameterValue
accountNoThe primary account number for the secured credit product
typeValid types are 2, 13, 16, and 20
closureReasonOne of the values listed in the table below

This table lists possible values for closureReason.

ValueDescription
chargeoffAccount is unpaid, closed by the issuer, and charged off
collectionAccount is unpaid, closed by the issuer, and is in internal collections
deleted_fraudAccount takeover fraud, account closed by the issuer
inactivityAccount is paid and closed by the issuer due to inactivity
paid_userAccount is paid and closed at the customer’s request

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