Galileo Financial Technologies, SoFis technology platform (NASDAQ: SOFI) announced this week that: SoFi, NA offers instant bank transfers through the FedNow Service, powered by Galileo’s payment technology. The new feature allows SoFi members to move money between their SoFi accounts and accounts at other U.S. banks in seconds at any time of day, including weekends and holidays.
Most banks using the FedNow Service support receiving features only. SoFi goes further by allowing members to both send and receive FedNow Service payments. Galileo provides the technology, connection to service, and controls needed to make these real-time payments work securely.
“For customers to wait days for money to arrive does not match the way payments work today.” in question Bill KennedyCFO and interim president of Galileo. “By pairing the FedNow Service with Galileo’s platform, SoFi gives members instant access to their money whenever they need it, while we manage the infrastructure behind the scenes. It also lays the foundation for offering the same instant payment capabilities to partners in the future.”
“Helping our members get their money right means giving them control of their money in real time, not days later.” in question Anthony NotoCEO of SoFi. “Money needs to move instantly and unlimitedly, but outdated technology and data systems cannot provide a safe and reliable platform that will enable instantaneous and unlimited movement of money.
“By integrating FedNow into our Galileo payments hub platform, we were among the first companies to make it possible to both send and receive funds through FedNow, giving SoFi members instant, 24/7 access to their money.”
People often need to move money immediately rather than within two or three business days. With the FedNow Service running on the Galileo platform, SoFi members can move money between their own accounts at different banks in seconds, rather than waiting for ACH transfers to complete.
These instant transfers are available 24 hours a day, every day, and are necessary for everyday payment needs, such as ensuring the account balance can cover a scheduled bill payment or maintain a minimum balance.
SoFi members can also bring money to SoFi from another bank account in their name and start using SoFi products immediately.
Because Galileo is directly connected to the FedNow Service and already supports SoFi in production, the foundation is in place to extend these capabilities to additional fintechs and businesses through SoFi Bank as a partner bank. Galileo’s existing FedNow Service infrastructure accelerates the path to market, allowing partners to create and launch instant payment experiences without having to establish their own direct connection to the network. This includes digital banks, fintechs, and companies that embed financial services into their apps.
