SALT LAKE CITY, UT, July 8, 2024 – Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced it is arming fintechs with wire transfer capabilities, enabling them to better serve consumers and businesses by offering another option for fast, secure money movement. Through its wire transfer API, Galileo connects fintechs partnering with Community Federal Savings Bank (“CFSB”) with Fedwire via sponsor bank CFSB.
According to Fedwire Funds Service, in 2023 it processed more than 193 million wire transfers. By enabling Fedwire transfers, Galileo is helping fintechs capitalize on this growth, with a scalable solution that caters to the increasing demand for rapid financial transactions.
Galileo streamlines the process of both incoming and outgoing wire transfers, enabling faster, reliable movement of funds. This service is in high demand for businesses and consumers that need immediate and secure transactions, for example, large transactions such as a home sale, tuition payments or vendor payments.
“Galileo continues to power most of the leading fintechs in the US and provide a one-stop-shop for a wide variety of payment methods,” said David Feuer, CPO at Galileo. “Adding wire transfer capabilities supports the demand for fast and secure money movement and integrates seamlessly with fintech’s existing financial infrastructures through API access."
Enabling wire capabilities benefit end users in several ways:
Fast Transactions: Recipients receive their funds on the same day they’re sent.
Enhanced Security: Each transaction undergoes rigorous validation processes, ensuring the safety and integrity of the funds transferred.
Real-Time Notifications: Both senders and recipients are kept informed with real-time updates about the status of their transactions.
The demand for Fedwire transfers spans a broad range of use cases, from individual consumers managing personal financial needs to businesses handling large-scale, B2B financial operations.
Learn more about how Galileo enables wires for fintechs at docs.galileo-ft.com/pro/docs/about-wires.
Another Strong Quarter for Galileo as Total Accounts Pass 160 Million
SoFi’s technology platform continued growing in the third quarter of 2024, with total enabled accounts and segment revenue both tallying double-digit-percent increases year-over-year.
SoFi to Adopt Galileo's Cyberbank Core for Sponsor Banking
SoFi Technologies partners with Galileo to adopt Cyberbank Core, enhancing its new commercial payment services and sponsor banking program.
Galileo Launches Secured Credit with Dynamic Funding
Discover how secured credit with dynamic funding helps banks and fintechs offer flexible credit-building solutions for consumers.
Galileo Launches Instant Account Verification and ML Risk Score
New tools deliver real-time fraud detection for fintechs, banks and businesses and maintain frictionless account experiences for customers
Galileo Enhances B2B Expense Management Offering with Mastercard Smart Data
How Galileo Financial Technologies empowers fintech clients like Rho with Mastercard Smart Data, enhancing spend visibility and streamlining expense management for businesses. Reduce errors, fraud, and manual work with enriched transactional data seamlessly integrated into ERP systems.
