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.

Other articles
Turning Payments Into Deposits: The New Frontier in Embedded Banking
NextGen: AI – Unpacking the Transformative Power of Generative AI in Financial Services
Affirm Brings Pay-Over-Time Options to the UK Market
Banks as Essential Catalysts for the Auto Sector Transformation
AI’s Role in Banking: The Future of Financial Services or a Passing Fad?
Real-Time Payments from FedNow Versus The Clearing House: Where Does Request for Payment Fit?
The Future of Finance: Atomised, Embedded, and Real-Time
Using AI Technology to Increase Compliance Management Efficiency
The Rise of In-Car Payments: A New Opportunity 
Mastercard Expands Platform to Accelerate Fintech Card Programs
Real-Time Payments Drive Economic Growth and Financial Inclusion, Report Finds
How Artificial Intelligence Improves Real-Time Data for Investors
AI and Gen AI: A Disruptive Force Across Global Industries
The Hidden Roadblock to EV Adoption: Payment Anxiety
The Impact of AI on Financial Services