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Galileo Launches Payment Method Switch to Help Banks, Fintechs, and Brands Stay Top of Wallet Through Easier Bill Payments

1. Galileo launched a Payment Method Switch for seamless payment updates. 2. Integration positions client accounts as preferred options for payments. 3. Global recurring payment transactions projected to exceed $15.4 trillion by 2027. 4. Average user switches three to five payments linking $420 monthly spend. 5. Solution enhances user experience and boosts client interchange revenue.

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Why Bullish?

The launch of the Payment Method Switch could increase SOFI’s revenue through enhanced client engagement and transaction volume, similar to previous product releases that positively impacted stock performance. The projected growth in recurring payments also presents a significant opportunity for SOFI to capitalize on this trend.

How important is it?

The news directly relates to SOFI’s core business model while offering substantial growth prospects, thereby justifying a high importance score. Product innovations like the Payment Method Switch can significantly enhance SOFI's competitive positioning in the market.

Why Long Term?

The Payment Method Switch is expected to enhance long-term customer retention and recurring revenue streams for SoFi and its clients, similar to how established payment solutions have led to sustained profitability in fintech firms.

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-Galileo integrates another new solution, powered by Atomic, to help clients become the first choice for everyday spend and grow recurring revenue. SALT LAKE CITY--(BUSINESS WIRE)--Galileo Financial Technologies, SoFi Technologies, Inc.’s Technology Platform (NASDAQ: SOFI), has launched Galileo Payment Method Switch, powered by Atomic. This product enables banks, fintechs and brands to make it easier for people to update their default payment method—including debit cards, credit cards, and bank accounts—across leading merchants, subscription services, utility providers, and digital wallets like Venmo or PayPal, all in one place.Clients can embed Galileo Payment Method Switch into their own apps, positioning their card or account as the most visible and convenient option for recurring bills and everyday payments.Share Clients can embed Galileo Payment Method Switch into their apps, positioning their own issued card or account as the most visible and convenient option for recurring bills and everyday payments–helping them become their customers’ preferred choice as subscription-based and automatic payments continue to rise. Global recurring payment transactions are projected to exceed $15.4 trillion in 2027. According to Atomic, people switch an average of three to five payments during their first visit, linking approximately $420 in recurring monthly spend. These usage patterns underscore growing demand for fast, easy ways to manage payments—especially when cards expire or accounts change. Galileo Payment Method Switch lets people update their payment method in seconds. With a single integration–also compatible with Galileo Direct Deposit Switch–clients can speed up launch timelines and give people an easy way to update payment methods, directly from their app. Atomic provides the merchant connectivity to update information across billing systems, while Galileo manages the secure exchange of card and account details, helping clients simplify payment management for their customers, drive account primacy, and earn more interchange revenue. “Galileo Payment Method Switch allows banks, fintechs and brands to help customers easily manage bill payments without leaving an app they already trust,” said Prashant Shah, Vice President, Product Management at Galileo. “This solution keeps people spending in a branded environment, creating new recurring revenue streams, which are proven to be stickier, more predictable and scalable. We’re pleased to expand our role as the one-stop shop for supporting modern payments.” Benefits for Consumers Easy Updates in One Place: Change or update payment details–such as a new debit or credit card, or a different bank account– for thousands of popular merchants, subscriptions, and utility providers all from one banking, fintech, or brand app. More Control and Flexibility: Choose which card or account to use for each bill, giving them more control over how they pay. Fewer Payment Errors: Avoid missed payments or mistakes with fast, secure payment updates–no need to manually enter card or account details on multiple merchant websites. Benefits for Banks, Fintechs and Brands Account Primacy and Increased Revenue: Boost customer stickiness by allowing them to set a default card or account for recurring bills and subscriptions, thereby increasing recurring payments and interchange revenue whenever a card is used. Faster Setup: One-time integration with simple steps that help customers get started quickly and stay connected. Stronger Loyalty: Making payments easy builds lasting customer relationships. “We’re helping financial services providers stay top of wallet by delivering a more seamless experience for their customers,” said Jordan Wright, Co-founder and CEO of Atomic. “Our continued partnership with Galileo enables institutions to make it easier for people to update their payment methods—driving increased spend and deeper engagement.” To learn more about Galileo Payment Method Switch, visit docs.galileo-ft.com/pro/docs/payment-method-switch. About Galileo Financial Technologies Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies. About Atomic Atomic is the market leader in growing account primacy and enabling financial connectivity that drives action. They are trusted by over 195 financial institutions and fintech firms, including 13 of the top 20 fintech firms and 8 of the top 10 financial institutions. Atomic serves as the essential bridge between consumer data and financial solutions by allowing unparalleled access to payroll, HRIS systems, and merchants, facilitating a range of financial services including direct deposit switching, income and employment verification, payment method updating, and subscription management. For more information, visit https://atomic.financial. ©2025 Galileo Financial Technologies, LLC. All rights reserved. Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in North and Latin America. More News From Galileo Financial Technologies, LLC

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