Payments

SoFi Technologies integrates Galileo's Cyberbank Core for payment services

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November 6, 2024

SoFi Technologies Inc., a digital financial services company, integrated Galileo's Cyberbank Core to offer multiple payment services such as debit, prepaid, ACH, wire transfers and more. In particular, Galileo provides real-time payment processing with a cloud-based architecture for scale, according to a press release.

"We are excited to support SoFi on its journey to revolutionize financial services," Derek White, CEO of Galileo, said in the release. "Our modern core infrastructure is designed to provide forward-thinking banks with the foundation they need to thrive in today's dynamic financial services landscape. We look forward to seeing SoFi unlock new possibilities with our platform."

"We are thrilled that our new commercial payment services sponsor bank program is built on Galileo's powerful tech platform," Anthony Noto, CEO of SoFi, said in the release. "Galileo's modern, cloud-based banking core offering is cutting edge, enabling banks, fintech, and financial services companies like SoFi to quickly launch new products, effortlessly scale financial services products, and stay ahead of the evolving needs of customers. Importantly, Galileo is uniquely positioned to understand and meet the regulatory expectations of customers since it operates under federal banking regulations as a subsidiary of SoFi, a federal bank holding company."

SoFI expects the integration to be complete by November 2024. The company has implemented other Galileo services in the past including card issuing, lending, risk management and AI powered customer experience platform Cyberbank Konecta.