Galileo enables SoFi to send and receive FedNow Service Payments
Galileo Financial Technologies, SoFi's technology platform, has announced that SoFi, N.A. now offers instant bank transfers via the FedNow Service, powered by Galileo's payment technology.
The new capability lets SoFi members move money in seconds between their SoFi accounts and their accounts at other U.S. banks, at any time of day, including weekends and holidays. While most banks that use FedNow only support the ability to receive funds, SoFi allows members to both send and receive payments in real time, around the clock.
"By pairing FedNow Service with Galileo's platform, SoFi gives members instant access to their money whenever they need it," said Bill Kennedy, CFO and interim head of Galileo.
Anthony Noto, CEO of SoFi, added: "Helping our members get their money right means giving them control over their money in real time, not days later. By integrating FedNow into our Galileo payment hub platform, we are among the first companies to enable both sending and receiving funds via FedNow, giving SoFi members instant, 24/7 access to their money."
Member benefits
- Instant transfers in place of multi-day ACH processing
- 24/7 availability, including weekends and holidays
- Faster account funding so members can start using SoFi products immediately
A foundation for other fintechs
Because of Galileo's direct connection with FedNow, and because it is already supporting SoFi in production, there is a foundation to extend these capabilities to other fintechs and businesses via SoFi Bank as the partner bank. That means other digital banks and fintechs can launch instant payment capabilities without having to establish their own direct network connections.
About Galileo Financial Technologies
Galileo Financial Technologies, a wholly-owned subsidiary of SoFi Technologies (NASDAQ: SOFI), is a financial technology company that delivers cloud-native, developer-friendly payment and banking solutions to banks, fintechs and brands across North and Latin America.
About SoFi
SoFi (NASDAQ: SOFI) is a digital financial services platform providing banking, investing, lending and related products to help members borrow, save, spend, invest and protect their money.
