Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), today announced it is providing fintech companies with wire transfer capabilities, enabling them to better serve consumers and businesses by providing new options for fast and secure fund transfers. Through its wire transfer API, Galileo will connect fintech companies that partner with Community Federal Savings Banks (CFSBs) to Fedwire via their sponsor bank, CFSB.
According to the Fedwire Funds Service, the company processed more than 193 million wire transfers in 2023. By enabling Fedwire transfers, Galileo provides a scalable solution to meet the growing demand for fast financial transactions, helping fintechs capitalize on this growth.
Galileo streamlines the process of wire transfers, both inbound and outbound, making the movement of funds faster and more reliable. The service is in high demand with businesses and consumers who need instant and secure transactions, including large transactions like home sales, tuition payments, and vendor payments.
“Galileo continues to serve most of the leading fintechs in the U.S., providing a one-stop shop for a variety of payment methods,” said David Feuer, CPO at Galileo. “The addition of wire transfer capabilities supports the demand for fast and secure funds movement and seamlessly integrates with fintechs’ existing financial infrastructure through API access.”
Enabling the wire feature provides the following benefits to end users: Faster transactions: Recipients receive funds the same day they are sent. Enhanced security: Each transaction goes through a rigorous validation process to ensure the safety and integrity of the funds sent. Real-time notifications: Both senders and recipients are provided with real-time updates on the status of their transactions.
The demand for Fedwire payments spans a wide range of use cases, from individual consumers managing their personal financial needs to enterprises handling large-scale B2B financial operations.
To learn more about how Galileo is enabling wires for fintech, visit docs.galileo-ft.com/pro/docs/about-wires.
