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Availability

This guide is intended to provide a general outline of new Galileo functionality prior to its release to production. The information in this guide is therefore subject to change as development proceeds and is not a guarantee of future functionality. If you are interested in this feature, contact Galileo for details.

A major friction point for consumers when switching their primary banking relationships is identifying and updating their on-file payment information at existing merchants and billers. Many customers get overwhelmed with the process and abandon their new account or card, resulting in a ghost account or a long period of time between opening and activation.

With Payment Method Switch, customers have the convenience of effortlessly updating their old card or ACH information to their new bank details without leaving their banking application. Customers begin by building a checklist of their current billers or merchants and then working through that list, seamlessly swapping default payment methods on file by authenticating directly to the merchant. Payment Method Switch keeps track of where they are in the checklist, enabling them to return at any point and pick up where they left off with updates. This not only enhances the customer experience but also encourages more active bank account utilization from day one.

How it works

Payment Method Switch uses user-permissioned access to merchants and service providers to securely update their card or account within their financial institution’s app. This approach enables users to authenticate faster, smoother, and more securely, with a wider range of authentication options available, including biometrics, password keepers, and third-party applications.

What this means to you

Unlock seamless bank transitions, increase interchange revenue, and heighten security with a one-stop solution for aligning with Consumer Financial Protection Bureau's (CFPB) open banking vision and gaining account primacy.

What this means to your customers

Your customers get a streamlined process for updating card or account details across billing and merchant sites, without sharing credentials. Payment Method Switch offers access to over 1,000 billers, covering utilities, subscription providers, insurance companies, and banks. Payment Method Switch simplifies bill payments by allowing consumers to easily update their card or account on file directly on the websites of various billers and merchants, including Verizon, Netflix, Amazon, DoorDash, Chase, and more. Additionally, Payment Method Switch enables users to update or switch cards in digital wallets such as PayPal and Venmo. This feature not only facilitates convenience for updating payment information but also allows clients to generate interchange revenue when consumers opt for card payments during the switch, where applicable.

Key capabilities

• Both card-enabled payments and DDA for bill payment and other purchases are supported
• Avoid the hassle of visiting multiple biller websites to log in and make payments
  • Cards or accounts on file can be switched without the need to manually enter card or account details on the biller's website
  • Cards in a digital wallet can be switched without manually entering card or account details in wallets including PayPal, Venmo, and others
• Easily view all bill payments and purchases in one centralized location

What you provide

You need to integrate the Payment Method Switch SDK into your UI; the rest of the interface is provided by Galileo.

What Galileo provides

• A robust set of API endpoints to integrate with your interface
• The following screens are included in the SDK for the Payment Method Switch use case:
  • Login screen
  • Biller selector
  • Payment method selector (such as card or DDA payments)
  • Biller login screen
  • Success/failure screens
• Events to track the progress of the switch
• Tech support for your customers
• Information about Payment Method Switch instructions
• Access to Payment Method Switch transactions through:
  • Raw data files (RDFs)
  • Customer Service Tool (CST)
  • Galileo Analytics tool
  • Program API endpoint responses

API endpoints for Payment Method Switch

This table lists all of the endpoints required for Payment Method Switch. Endpoint fields are described in this document. All times are in Arizona Time (MST).

The Get Card endpoint is available in Galileo's public API documentation. Get Billpay Switch Token is in development and not yet documented on our public docs site.

Use cases

Card on file

Jane needs to update her credit card information for her online services because her old card is expiring. Her bank offers a convenient tool called Payment Method Switch. Jane visits her bank's website and uses the Payment Method Switch tool. She selects the services where she wants to update her payment method, including Netflix, PayPal, and various online retail stores. Each service sends her an email confirming that the payment has been updated. Jane also receives a summary from her bank. It's easy! Jane is happy to manage and pay all her bills from one place.

Selection of a payment method

Ryan, a 20-year-old undergraduate student at Stanford University, has his dorm room and university fees covered by his parents, along with a monthly allowance. Ryan also works part-time to earn extra money to pay his bills.
Using SoFi for his banking needs, Ryan relies on their Payment Method Switch service to manage his expenses. His monthly payments typically include subscriptions to Netflix and HBO Max, as well as bills for Xfinity (internet service), Verizon (phone bill), and his credit card bill. SoFi offers cashback incentives for using cards to pay bills wherever applicable, providing 5% cashback for credit card payments, 3% for debit card payments, and none for payments made directly from his DDA. To maximize his cashback rewards, Ryan prefers using a credit card whenever possible to pay his bills through the Payment Method Switch product. SoFi handles Ryan's bill payments seamlessly in the background, and Ryan receives notifications whenever a payment is processed.

Here's how Ryan's E-bill pay payments are made based on his preferences: