American fintech firm Galileo has rolled out new instant debit cards and bank accounts issuing solution in collaboration with Mastercard.

Called Galileo Instant Issuing, the new service enables the fintech and other financial-affiliated businesses to instantly issue debit cards and to accelerate the digital payments solutions to market.

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Additionally, the companies can instantly open new bank accounts without requiring signing long-term contracts and paying start-up charges.

Galileo CEO Clay Wilkes said: “Innovators have understood the opportunity of using debit cards in new ways, but when they started looking to put their concepts into action, they discovered the high-friction, high-cost and time-consuming nature of the process.

“We developed Galileo Instant Issuing to put the power in innovators’ hands by dramatically decreasing the time needed to bring their digital payments solutions to life.”

Galileo has rolled out Galileo Dashboard, a new website that offers organisations its sandbox test and production environment along with open APIs to help them easily use Galileo Instant Issuing solution.

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By visiting Galileo’s new website, businesses can access the Galileo Dashboard and start opening bank accounts and issuing white-labelled cards.

The solution is said to be useful for neobank or challenger banks, fintechs, e-commerce and gig-economy businesses, payroll processors and merchants among others.

Mastercard North America executive vice president of product and innovation Jess Turner said: “By working with Galileo on Instant Issuing, Mastercard is providing yet another way for fintechs and other emerging companies to develop and launch innovative payment solutions quickly and easily.

“This programme will now be added to Mastercard Accelerate, and be one of the ways in which Mastercard will help new companies in the United States grow and scale.”