Galileo Financial Technologies Helps Fintechs Meet Demand for Fast, Secure Money Movement With Wire Transfer Capabilities
July 09 2024 - 8:00AM
Business Wire
Offering in-demand wire services enable
fintechs to acquire and retain more customers
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.
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 Latin America.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709855643/en/
Solomon Joseph The Fletcher Group 905.510.1400
solomon@fletchergroupllc.com
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