Galileo Processing, Inc., the leading processor and program manager of a comprehensive suite of next-generation prepaid, debit and hybrid credit financial solutions, today announced that it has hired Philip Cormier as Strategic Partnerships Executive. Cormier, who has 16 years of experience developing and offering financial solutions to the underbanked, will be primarily responsible for helping Galileo’s existing and future partners effectively service the underserved with the best in innovation and consumer experience.
Amongst its myriad client industries, Galileo partners with direct-to-consumer distribution clients to provide Visa and MasterCard prepaid cards to their consumers. These financial tools are especially useful for unbanked and underbanked consumers who do not use traditional banking methods. Prepaid cards give consumers with little or no access to credit or traditional financial services a secure and convenient way to budget, spend and save. The cards provide greater access to the financial mainstream, allowing underbanked consumers to shop online, pay bills, reserve hotels or airfare, and reduce the need to carry cash, all without a credit check or a traditional bank account.
“We enthusiastically welcome Philip to the Galileo team,” said Todd Brockman, Galileo President. “His deep expertise in the alternative financial services industry and passion in delivering financial solutions to the underbanked population will suit him perfectly in his role at Galileo, where he will support our partners in exceeding their prepaid objectives.”
Prior to joining Galileo, Cormier was Vice President of Marketing for ACE Cash Express, a leading retailer of alternative financial services with more than 1,700 outlets in the US. From 2001-2010 Cormier was the chief architect of one of the most successful prepaid programs in the industry, and played a key role in the evolution of general purpose prepaid cards delivered via retail to unbanked and underbanked consumers. Under Cormier’s leadership, ACE was a finalist in Paybefore Awards Best Third-Party Prepaid Card Retailer category in 2009 and 2010.
Before joining ACE, Cormier was Senior Vice President of Marketing for Bank of America from 1997-2001. His primary focus was delivering subprime financial products through the company’s retail branch network. Prior to Bank of America, Cormier was Assistant Vice President of Marketing for The Associates Financial Services Company, Inc. (AFSCI), where he developed and marketed consumer financial products to the marginally banked.
“I have been fortunate in my career to align myself with the best companies in their respective industries. Galileo is one such company and I am excited that I have been offered the opportunity to join the team,” said Cormier. “I worked with Galileo and many other processors in my previous position and can say quite confidently that Galileo is the best prepaid payment processor in the country.”
Cormier holds a Bachelor of Business Administration from the University of Texas, Arlington and a Master of Business Administration from Southern Methodist University.
Galileo has been in operation for nearly ten years, founded on the commitment of continuously innovating to provide reliable, secure and feature-rich payment processing services. Today, Galileo is the recognized leader in advanced payment processing solutions, supporting more than 700 programs.
About Galileo Processing, Inc.
Galileo Processing, Inc. is a privately held, next-generation financial payment processing company based in Salt Lake City, Utah. Its expertise, service and platform make Galileo the industry leader for advanced prepaid, debit and hybrid credit applications. Galileo offers its clients advanced payment processing technologies, a state-of-the-art client and customer call center, business intelligence, analytics and program management services.