Galileo Introduces Wire Transfers for FinTechs

Galileo Financial Technologies, a So-Fi-owned company, has launched wire transfer capabilities for FinTechs. The announced new service provides FinTech companies with a fast and secure option for money movement, according to PYMNTS. 

Galileo’s wire transfer API connects FinTechs working with Community Federal Savings Bank to Fedwire, which processed over 193 million wire transfers last year. “Galileo streamlines the process of both incoming and outgoing wire transfers, enabling faster, reliable movement of funds,” the company stated in a news release. This service is crucial for large transactions like home sales, tuition payments, and vendor payments.

With this new capability, recipients can receive funds on the same day they are sent, with each transaction undergoing rigorous validation processes to ensure safety and integrity. “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,” the release added.

In related news, PYMNTS highlighted the growing importance of instant payments for borrowers. According to their report, 44% of consumers who receive borrowing disbursements most frequently do so through instant methods. PYMNTS Intelligence found a notable increase in instant usage for borrowing in the past year, with nearly half of loan disbursements received instantly as of January. The report also noted that consumers highly value instant loan payouts, with nearly three-quarters willing to pay a fee for this service.