Payment Method Switch

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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. 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

What Galileo provides

• A robust set of API endpoints to integrate with your interface
• Tech support for your customers
• Information about Payment Method Switch instructions
• Access to Payment Method Switch transactions through:
  • Raw data files (RDFs)
  • Account Events
  • Customer Service Tool (CST)
  • Galileo Analytics tool
  • Program API endpoint responses

Endpoints for Payment Method Switch

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

Use cases

Card on file

Jane just received a new debit card from her bank because her old one is expiring. Instead of manually updating her payment details with multiple billers and merchants, she logs into her bank’s app and uses the built-in payment method update tool. She selects the merchants where her old card is stored—Netflix, PayPal, and her insurance provider—then securely updates her payment method. By making it easy for customers to keep their payment details current, the bank reduces card declines, prevents service disruptions, and strengthens customer retention.

Primary bank account

Carlos recently switched to a new bank and wants to make it his primary financial institution. He logs into his new banking app and uses the payment method update tool to identify merchants that have his old payment details on file. After securely authenticating with each biller, he updates his payment method to his new bank account. By offering a frictionless way to switch payment methods, the bank increases account engagement from day one, drives higher interchange revenue, and ensures account primacy.