Galileo Debuts Corporate Credit Solution for Expense Management

Galileo Financial Technologies introduced a corporate credit tool designed to control expense management.

“Traditionally, managing thousands of employee charge cards and their individual credit limits has been a complex and time-consuming task for companies,” the company said in a news release Tuesday (Oct. 17). “The Galileo Corporate Credit solution simplifies this process by introducing a central account with a single credit limit for FinTechs and non-financial brands to facilitate a streamlined billing cycle and enable corporate-level repayments.”

The solution replaces a system in which companies that issued credit cards to employees had to track multiple account balances, each with its own credit limit, according to the release.

“Businesses have been held back by cumbersome and complicated expense management processes that lack spend visibility,” Galileo Financial Technologies Chief Product Officer David Feuer said in the release.

With the new tool, businesses can now check the credit limit of one central account to determine available credit, while still retaining access to transaction records for each individual card, per the release.

When an employee uses their corporate card, Galileo instantly checks the credit limit of the central account and approves the purchase if proper credit is available, the release said.

All connected cards pull from the same central credit limit, according to the release. Once the credit limit is reached, all purchases are temporarily blocked until the balance is paid down.

The launch comes as many companies are taking measures to rein in expenses amid a difficult funding environment.

PYMNTS Intelligence found that nearly half of organizations plan to focus on liquidity management in the next year, while 32% intend to concentrate on cost-containment measures in areas such as vendor contracts and staffing costs.

In August, PYMNTS spoke with Aaron Bright, senior manager for new business development at Galileo, about the strategies companies are employing to manage expenses.

He said expense management is “about rich data availability and visibility. If you can utilize that, then it will allow you to be able to budget more effectively.”

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