Galileo Financial Technologies has enabled SoFi to deliver instant money transfers through the FedNow® Service, marking a significant step forward in real-time banking capabilities. With this integration, SoFi members can now both send and receive payments instantly 24/7, including weekends and holidays directly between their SoFi accounts and accounts held at other U.S. banks.
While many financial institutions using FedNow® currently support only incoming payments, SoFi is among the first to offer full bidirectional functionality. Galileo provides the underlying infrastructure, secure connectivity, and operational controls required to facilitate these real-time transactions at scale.
“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.”
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Anthony Noto, CEO of SoFi, emphasized the importance of immediacy in modern financial services. “Helping our members get their money right means giving them control over their money in real time, not days later,” he said. “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.”
This development solves the long-time pain point of customers who have been suffering from slow transactions in regular ACH transfers. Account holders can now transfer money among their own bank accounts instantaneously, allowing them to have immediate access to their funds for daily use like paying bills or managing their account balances.
In addition to improving the customer experience, the implementation of the integration paves the way for further adoption throughout the fintech landscape. Since Galileo is directly linked to the FedNow® network, other financial institutions can replicate its ability to conduct real-time transactions without needing to build new systems.