Galileo Expands Collaboration with The Bancorp to Offer Real-Time Payments via The Clearing House
March 04 2024 - 8:00AM
Business Wire
Galileo and The Bancorp integration supports
the seamless implementation of instant payments
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
galileo-ft.com/products/payment-processing-and-money-transfers/.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
emerging and established brands to build differentiated financial
solutions that deliver exceptional, customer-centric experiences.
Through modern, open APIs, Galileo’s flexible, secure, scalable and
fully integrated platform drives innovation across payments and
financial services. Trusted by digital banking heavyweights,
early-stage innovators and enterprise clients alike, Galileo
supports issuing physical and virtual payment cards, mobile push
provisioning, tailored and differentiated financial products and
more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights
reserved
Galileo Financial Technologies, LLC is a technology company, not
a bank. Galileo partners with many issuing banks to provide banking
services in North and South America.
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Katie Boyless The Fletcher Group 404.791.8245
katie@fletchergroupllc.com
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