Galileo announces SoFi is offering instant bank transfers

Galileo Financial Technologies, SoFi‘s technology platform, announced that SoFi, N.A. is offering instant bank transfers via the FedNow Service powered by Galileo’s payment technology. The new capability lets SoFi members move money in seconds between their SoFi accounts and their accounts at other U.S. banks, at any time of day, including weekends and holidays. “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.”