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

Secured credit requires three accounts: a primary account, a secured credit 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 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 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 date is dependent on the value in BRCDT, which is set during product configuration. See Billing cycles in Setup for Galileo Secured Credit guide for a description of each configuration.

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.

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 under Setting Up Secured Credit.

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

This table lists possible values for closureReason.