In a wide-ranging interview with Fintech Finance during this year’s Paris Fintech Forum, Galileo SVP Scott Johnson acknowledged that in recent years the U.S. has lagged European counterparts in adopting new payment technology, citing the relatively recent introduction of EMV and the slow roll out of real-time payments as prime examples.
Still, Johnson said, Galileo has experienced unbelievable growth as fintech has evolved rapidly not only in the U.S. but also in the UK and Europe. He credited Galileo’s rapid growth to its infrastructure—specifically its open APIs and platform, which power leading U.S. neobanks and the U.S. operations of Monzo and TransferWise.
He added, “As an infrastructure payments company, we see the value in our company through our partners and their growth.”
Johnson noted that as you look at the Americas—not only the U.S.—he appreciates how fast payments are evolving, pointing to rapid adoption of financial inclusion and new payments mechanisms. He’s impressed with the number of fintech startups in Latin America—particularly Mexico—where Galileo opened an office last month, and the fintech investment pouring into Latin America.
Johnson concluded saying his favorite takeaway from the Paris Fintech Forum was meeting with Galileo’s many U.K.- and Europe-based partners and learning more about what they’re doing.
“The Paris Fintech Forum is a great conference to get all the different ideas that are coming together,” he said. “And, it’s a pleasure to see how many U.S. companies are coming here and vice versa—how many European companies are coming to the U.S.”
He added that he appreciates seeing the innovation in U.K. and Europe because—like the Beatles more than 50 years ago—we’re now being influenced by that innovation in the U.S.
How B2B Companies Boost Efficiency with Data & Automation
Real-time data and automation tools are transforming B2B expense management. Learn how businesses can improve cost control, enhance transparency, and streamline financial processes for better budget management and operational efficiency.
How Banking Technologists and Growth Leaders Can Align on Core Modernization
Bank leaders recognize the need to modernize their core to stay competitive and unlock growth in the digital age. Discover how to align business and technical cases for modernization.
How Banks Can Unlock New Revenue and Customer Growth with Next-Gen Secured Credit
Discover how next-gen secured credit can help banks drive new revenue and customer growth by offering innovative financial solutions.
3 Ways Banks Can Overcome the Tech Modernization Hurdle
Financial institutions must modernize their core banking technology to meet consumer demand for digital and remain competitive. Galileo’s Tania Grambo offers three tips to successfully accomplish this critical tech transformation.
Fintech and Banking Through Human-Centered Strategic Partnerships
How human-centered fintech partnerships drive success through collaboration, innovation, and the personal touch in financial technology.