Fintech
Galileo Starts Offering Bank Transfers to FinTechs
Galileo Financial Technologies has started offering bank transfer capabilities to FinTechs.
The company owned by So-Fi announced the new offering on Tuesday (July 9), saying it provides FinTechs with another option for fast and secure money movement.
Through its bank transfer API, Galileo connects FinTechs working with Federal Community Savings Bank to Fedwire, which processed more than 193 million wire transfers last year.
“Galileo simplifies the process of incoming and outgoing bank transfers, enabling faster and more reliable movement of funds,” the company said in a press release. “This service is in high demand by businesses and consumers who need immediate and secure transactions, for example, large transactions like selling a home, paying college tuition, or paying suppliers.”
With wire transfer capabilities, Galileo said, recipients can receive their funds the same day they are sent, with each transaction undergoing “rigorous validation processes,” ensuring the safety and integrity of the money transferred.
“THE Fedwire Transfer Request “covers a broad range of use cases, from individual consumers managing personal financial needs to businesses managing large-scale B2B financial operations,” the release reads.
Speaking of faster payments, PYMNTS on Tuesday examined the role of immediate payments in ensuring borrowers receive their funds on time.
“Not only are more consumers turning to instant loan payments, but many originators also appear willing to offer them,” PYMNTS wrote, noting that 44% of consumers Those who receive loan disbursements most frequently receive them through instant methods.
PYMNTS Intelligence research finds a significant increase in immediate use for loans over the past year. Nearly half of loan disbursements were received immediately since January.
“Of all types of loans, consumers are the most likely to receive consumer loan payments through Instant methods“, the report said. “This type of loan has shown the largest increase in immediate use, due primarily to an increase in the share of originators offering borrowers immediate payment options over the past year.”
Furthermore, research has found that borrowers appreciate the immediate repayment options of consumer loans so much that they have no problem with the idea of paying them off.
In fact, nearly three-quarters of consumers receiving consumer loans said they were highly willing pay a tax to get them instantly.
“Although borrowers receiving other loans are less likely to pay a fee for immediate disbursements, overall they remain very likely to do so,” PYMNTS wrote.
See more in: Federal Community Savings Bank, faster payments, FedWire, Financial Technology, Galileo Financial Technologies, immediate payments, News, payments, PYMNTS News, What’s new, bank transfers