SoFi Technologies to Adopt Galileo’s Cyberbank Core for New Commercial Payment Services Sponsor Banking Program
16 Oktober 2024 - 2:00PM
Business Wire
SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric,
one-stop shop for digital financial services that empowers members
to borrow, save, spend, invest, and protect their money, today
announced its adoption of Galileo’s modern, cloud-based Cyberbank
Core to power a range of payment services to commercial clients,
including debit, prepaid, ACH and wire transactions, and associated
banking services. Cyberbank Core became an integral part of
Galileo’s offering after SoFi’s acquisition of Technisys in 2022.
Galileo is a subsidiary of SoFi.
“We are thrilled that our new commercial payment services
sponsor bank program is built on Galileo’s powerful tech platform,”
said Anthony Noto, CEO of SoFi. “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.”
Galileo delivers a wide range of benefits for clients like SoFi
that are modernizing their core infrastructure in order to improve
customers’ experience, including:
- Cloud-Based Architecture: Easily and affordably scale
computing power and storage as needs grow, without losing
performance or investing in expensive data centers and
hardware.
- Real-Time Processing: Faster and more efficient
transactions, giving clients immediate access to their funds and
financial information.
- Scalability and Resilience: The ability to support rapid
growth while maintaining a seamless, reliable client
experience.
- Agility: Enhanced flexibility to develop and launch
innovative financial products and services tailored to specific
customer needs.
- Robust Security: Industry-leading security features and
compliance support to ensure that customers' data and finances are
protected.
- Federal Regulation: A framework to ensure safety and
soundness within the banking system.
"We are excited to support SoFi on its journey to revolutionize
financial services," said Derek White, CEO of Galileo. "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."
SoFi’s commercial payment services program implementation of
Cyberbank Core is expected to be complete in November 2024. This
collaboration is the latest step in SoFi’s partnership with
Galileo, which currently powers an array of Banking, Payments,
Lending, and Risk products for SoFi Bank’s consumer business,
including:
- Cyberbank Konecta: An AI-driven customer experience
platform with digital assistants for 24/7 support.
- Payments and Card Issuing: A secure platform for digital
payments, virtual cards, and accounts, with easy API
integration.
- Lending: Solutions for consumer and business lending,
including BNPL options, via flexible APIs.
- Risk Management: Advanced fraud detection using machine
learning, reducing fraud by 35% on average for Galileo
clients.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for
digital financial services on a mission to help people achieve
financial independence to realize their ambitions. The company’s
full suite of financial products and services helps its nearly 8.8
million SoFi members borrow, save, spend, invest, and protect their
money better by giving them fast access to the tools they need to
get their money right, all in one app. SoFi also equips members
with the resources they need to get ahead – like credentialed
financial planners, exclusive experiences and events, and a
thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending,
Financial Services – which includes SoFi Checking and Savings, SoFi
Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and
Technology Platform, which offers the only end-to-end vertically
integrated financial technology stack. SoFi Bank, N.A., an
affiliate of SoFi, is a nationally chartered bank, regulated by the
OCC and FDIC and SoFi is a bank holding company regulated by the
Federal Reserve. The company is also the naming rights partner of
SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles
Rams. For more information, visit https://www.sofi.com or download
our iOS and Android apps
©2024 SoFi Technologies, Inc. All rights reserved.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
emerging and established brands to build differentiated financial
solutions that deliver exceptional, customer-centric experiences.
Through modern, open APIs, Galileo’s flexible, secure, scalable and
fully integrated platform drives innovation across payments and
financial services. Trusted by digital banking heavyweights,
early-stage innovators and enterprise clients alike, Galileo
supports issuing physical and virtual payment cards, mobile push
provisioning, tailored and differentiated financial products and
more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights
reserved.
Galileo Financial Technologies, LLC is a technology company, not
a bank. Galileo partners with many issuing banks to provide banking
services in North and Latin America.
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