SoFi Taps Galileo to Offer Send And Receive Capabilities Through FedNow

SoFi Bank N.A. has enlisted Galileo Financial Technologies LLC to offer real-time send and receive capabilities every day, including weekends and holidays, through FedNow.

As a result, SoFi customers will be able to move money between their accounts at different banks in seconds, instead of waiting for ACH transfers to clear. That can take 24 hours or longer. Launched in 2023, FedNow is the Federal Reserve’s instant-payments platform. SoFi acquired Galileo in 2020 for $1.2 billion.

The ability to send and receive transfers gives SoFi an advantage over most banks, which support receive-only capabilities through FedNow, the two companies say. Galileo is a SoFi technology platform that enables fintechs, banks, and established brands to build financial applications, such as mobile push provisioning, through open application programming interfaces.

“Helping our members get their money right away means giving them control over their money in real time, not days later,” SoFi chief executive Anthony Noto, says in a statement. “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.”

Now, with the FedNow integration, “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,” adds Noto.

SoFi’s connection to FedNow through Galileo also positions the financial-services provider to extend send and receive capabilities through FedNow to additional fintechs and businesses through SoFi Bank as the partner bank.

SoFi Bank N.A. is the FDIC-insured digital bank subsidiary of Social Finance Inc. (SoFi) and offers checking and savings accounts and loan products.