Galileo Enables SoFi to Send and Receive FedNow® Service Payments

Galileo Financial Technologies, SoFi’s technology platform, announced that SoFi, N.A. is offering 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.

Read More on Fintech : Global Fintech Interview with Baran Ozkan, co-founder & CEO of Flagright

Most banks that use FedNow® Service only support receive capabilities. SoFi is going further by allowing members to both send and receive FedNow® Service payments. Galileo provides the technology, connection to the service, and the controls needed to make these real-time payments work safely.

“For customers, waiting days for money to show up doesn’t match how payments work today,” said Bill Kennedy, CFO and interim head of Galileo. “By pairing 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 groundwork to bring the same instant payment capabilities to partners in the future.”

“Helping our members get their money right means giving them control over their money in real time, not days later,” said Anthony Noto, CEO of SoFi. “Money should move instantly and without limits, but legacy technology and data systems fail to provide a safe and reliable platform to achieve instant and limitless money movement. 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.”

Why this matters for SoFi members

People often need to move money right away, not in two or three business days. With FedNow® Service running through Galileo’s platform, SoFi members will be able to move money between their own accounts at different banks in seconds instead of waiting for ACH transfers to clear.

These instant transfers are available 24 hours a day, every single day, and are essential for everyday payment needs, like ensuring an account balance can cover a scheduled bill payment or maintain a minimum balance.

SoFi members can also bring money into SoFi from another bank account in their name and start using SoFi products right away.

A model for other banks and fintech platforms

Because Galileo is directly connected to FedNow® Service and already supporting SoFi in production, the foundation is in place to extend these capabilities to additional fintechs and businesses through SoFi Bank as the partner bank. Galileo’s existing FedNow® Service infrastructure accelerates the path to market, enabling partners to build and launch instant payment experiences without needing to establish their own direct connection to the network. This includes digital banks, fintechs, and companies embedding financial services within their own apps.

Catch more Fintech Insights : Real-Time Payments and the Redefinition Of Global Liquidity

[To share your insights with us, please write to psen@itechseries.com ]