Galileo Financial Technologies, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), announced today an expansion of its relationship with The Bancorp Bank, NA, that enables real-time payments services.
Using the RTP® network from The Clearing House, Galileo and The Bancorp are delivering instant money movement between bank accounts, enabling fintechs and brands to solve the longstanding cash flow challenges faced by small businesses (SMBs) and consumers looking to get fast access to their funds.
Real-time payments are available any time of day, year-round, ensuring the instant availability of funds even when traditional methods such as ACH and wires are unavailable. In Q3 2023, transaction volume and value over the RTP network hit a record high of 64 million transactions at $34 billion, according to The Clearing House.
Businesses can offer real-time payments to their customers via Galileo and The Bancorp. This partnership streamlines the process for Galileo’s clients to more easily implement instant payments via the RTP network without having to build complex systems from the ground up. Other key benefits to businesses and consumers include:
• Faster Transactions: Enables near-instantaneous transfers, providing faster access to funds for time-sensitive transactions.
• Enhanced Customer Satisfaction: The speed and convenience of real-time payments significantly enhance the customer experience, eliminating delays in payments.
• Superior Cash Flow Management: Receiving funds instantly helps businesses better manage their liquidity and working capital.
“Consumers and businesses expect payments to be available instantly, and offering real-time payment capabilities ensures Galileo’s clients can deliver on that expectation,” said David Feuer, Chief Product Officer of Galileo Financial Technologies. “With this integration between The Bancorp and Galileo, we can offer a swift, efficient way to ensure faster money movement today.”