Galileo Expands Collaboration with The Bancorp to Offer Real-Time Payments via The Clearing House
March 4, 2024
SALT LAKE CITY, Mar. 4, 2024 – Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), announced today an expansion of its relationship with The Bancorp Bank, NA, that enables real-time payments services. Using the RTP® network from The Clearing House, Galileo and The Bancorp are delivering instant money movement between bank accounts, enabling fintechs and brands to solve the longstanding cash flow challenges faced by small businesses (SMBs) and consumers looking to get fast access to their funds.
Real-time payments are available any time of day, year-round, ensuring the instant availability of funds even when traditional methods such as ACH and wires are unavailable. In Q3 2023, transaction volume and value over the RTP network hit a record high of 64 million transactions at $34 billion, according to The Clearing House.
Businesses can offer real-time payments to their customers via Galileo and The Bancorp. This partnership streamlines the process for Galileo’s clients to more easily implement instant payments via the RTP network without having to build complex systems from the ground up. Other key benefits to businesses and consumers include:
Faster Transactions: Enables near-instantaneous transfers, providing faster access to funds for time-sensitive transactions.
Enhanced Customer Satisfaction: The speed and convenience of real-time payments significantly enhance the customer experience, eliminating delays in payments.
Superior Cash Flow Management: Receiving funds instantly helps businesses better manage their liquidity and working capital.
“Consumers and businesses expect payments to be available instantly, and offering real-time payment capabilities ensures Galileo’s clients can deliver on that expectation,” said David Feuer, Chief Product Officer of Galileo Financial Technologies. “With this integration between The Bancorp and Galileo, we can offer a swift, efficient way to ensure faster money movement today.”
For more information, visit our payment processing and money transfer page.
Banks can’t duct tape their way out of legacy system failures. Core modernization is a business imperative
Legacy banking systems create mounting operational risks and innovation constraints, with "duct tape" fixes leading to frequent outages and inability to compete with agile fintechs. Ritesh Rihani from Galileo and John Kraper from PwC discuss incremental transformation strategies, talent challenges, and unlocking data-driven banking through modern API-based architecture and event-driven systems.
How to serve customers better at the point-of-decision ft. Galileo’s CEO Derek White
30% of customers are pulling out debit cards when making purchases at major travel and entertainment brands. The co-branded debit card presents a new opportunity or brands to deepen customer relationships while addressing the preferences of a generation that increasingly chooses debit over credit.
SoFi Tech Platform Drives Revenue Growth, Expands Beyond Financial Services in Q2
SoFi's Technology Platform segment achieved strong 15 percent revenue growth, expanded into new sectors, and powered innovation across the company in Q2.
Galileo Drives SoFi's Seamless Fintech Integration and Expansion
Since acquiring Galileo Financial Technologies in 2020, SoFi Technologies, Inc. SOFI has deepened its fintech infrastructure by integrating Galileo’s payment processing and tech capabilities across its growing suite of offerings.
Modern Banking Starts With Mindset Before Tech
Despite massive investments in digital transformation, a persistent gap between operational stability and forward-looking innovation continues to stall progress.
