SALT LAKE CITY — April 13, 2026
Executive Summary
Galileo Financial Technologies has announced that SoFi, through SoFi, N.A., is now offering instant bank transfers via the FedNow® Service, powered by Galileo’s payment infrastructure. This capability enables SoFi members to send and receive money in seconds, regardless of time or day, including weekends and holidays.
Unlike many financial institutions that currently support only incoming payments through FedNow®, SoFi enables both sending and receiving of real-time payments. Galileo provides the underlying technology, connectivity, and control systems required to facilitate these transactions securely and reliably. This development positions SoFi among the early adopters offering full FedNow® functionality, while also establishing a foundation for extending similar capabilities to additional partners in the future.
Announcement Overview
Galileo Financial Technologies has introduced a new payment capability that enables SoFi members to perform instant bank transfers using the FedNow® Service. This functionality is enabled through Galileo’s payment platform, which provides the infrastructure and system integration required to connect to the Federal Reserve’s real-time payment network.
With this launch, SoFi members can move funds between their SoFi accounts and accounts at other U.S. banks in real time, eliminating delays traditionally associated with ACH transfers. The service operates continuously, 24 hours a day, seven days a week, ensuring uninterrupted access to funds.
The announcement highlights that while many banks participating in FedNow® currently support only the ability to receive payments, SoFi has expanded functionality to include both outbound (send) and inbound (receive) transactions. This dual capability enhances flexibility for users and represents a broader implementation of the FedNow® Service within a consumer-facing banking environment.
Key Announcement Details
Announcement Identification, Entities Involved and Organizational Structure
- Announcement Type: Payment infrastructure enablement and real-time transfer capability
- Announcement Date: April 13, 2026
- Dateline Location: Salt Lake City, United States
- Primary Companies Involved: Galileo Financial Technologies and SoFi (SoFi, N.A.)
- Platform Ownership Context: Galileo is identified as SoFi’s technology platform
- Public Market Reference: SoFi associated with NASDAQ ticker SOFI
- Banking Entity: SoFi, N.A.
- Organizational Structure: Galileo operates as a division of SoFi
Core Service and Capability Enablement
- Service Enabled: FedNow® Service instant payments
- Primary Capability: Instant bank transfers
- Transaction Directionality: Both send and receive payments
- Differentiation: Most FedNow®-enabled banks support only receive functionality; SoFi supports both
- Operational Outcome: Members can move money instantly across accounts
FedNow® Service Integration and Functional Context
- Service Integration: FedNow® Service is powered through Galileo’s payment technology
- Network Role: FedNow® serves as the underlying real-time payment network
- Connectivity: Galileo provides connection to the FedNow® Service
- Execution Layer: Galileo enables processing and operational execution of payments
- Control Layer: Galileo provides controls necessary for safe real-time transactions
Payment Infrastructure and Technology Responsibilities
- Technology Provider: Galileo Financial Technologies
- Infrastructure Scope:
- Payment technology platform
- Network connectivity
- Transaction controls
- Operational Responsibility: Galileo manages infrastructure behind the scenes
- Customer Interface Responsibility: SoFi delivers the front-end member experience
- Processing Role: Galileo supports real-time execution of transactions
Transaction Characteristics and Operational Performance
- Transaction Speed: Seconds
- Processing Model: Real-time, non-batch processing
- Availability: 24/7 continuous operation
- Operational Coverage: Includes weekends and holidays
- Settlement Type: Instant settlement via FedNow® Service
- User Experience Outcome: Immediate availability of transferred funds
Account-to-Account Transfer Capabilities
- Transfer Scope: Between SoFi accounts and accounts at other U.S. banks
- Interbank Capability: Cross-bank transfers within the U.S.
- Inbound Transfers: Members can receive funds from external accounts
- Outbound Transfers: Members can send funds to external accounts
- Ownership Requirement: Transfers occur between accounts held in the member’s name
Member Use Cases and Functional Scenarios
- Immediate Transfer Needs: Users can move funds instantly rather than waiting multiple business days
- Scheduled Payment Support: Ensures funds are available to cover scheduled bill payments
- Minimum Balance Maintenance: Enables users to maintain required account balances
- Immediate Product Usage: Funds transferred into SoFi can be used immediately across SoFi products
- Daily Financial Management: Supports real-time execution of everyday financial activities
Replacement of Legacy Payment Systems and Limitations
- Legacy System Referenced: ACH transfers
- Traditional Delay: Two to three business days
- System Limitation: Legacy systems do not support instant and reliable money movement
- Improvement Delivered: Real-time transfers eliminate waiting periods and delays
Continuous Access and Always-On Payment Availability
- Availability Model: Continuous, always-on system
- Time Independence: Transactions are not restricted by banking hours
- Weekend Availability: Fully operational
- Holiday Availability: Fully operational
- User Outcome: Access to funds at any time without interruption
Customer Value Proposition and Functional Benefits
- Instant Access to Funds: Members can access money immediately after transfer
- Real-Time Financial Control: Users have control over money movement without delays
- Reliability Objective: Safe and reliable platform for instant payments
- Removal of Friction: Eliminates delays associated with traditional systems
Executive Statements and Leadership Messaging
- Galileo Executive: Bill Kennedy, Chief Financial Officer and interim head of Galileo
- Statement Elements:
- Customers expect faster payment experiences
- Waiting days for funds does not align with current expectations
- Galileo manages infrastructure enabling instant access
- Partnership establishes groundwork for extending instant payment capabilities to partners
- SoFi Executive: Anthony Noto, Chief Executive Officer of SoFi
- Statement Elements:
- Emphasis on real-time control over money
- Legacy technology and data systems fail to support instant and reliable movement
- Integration of FedNow® into Galileo payment hub platform
- Early adoption of both sending and receiving capabilities
- Delivery of instant, 24/7 access to funds
Member Impact and Practical Financial Benefits
- Speed Advantage: Transfers completed in seconds instead of days
- Financial Responsiveness: Immediate ability to address financial needs
- Operational Flexibility: No dependency on processing windows
- Immediate Access to SoFi Ecosystem: Funds usable instantly within SoFi platform
Ecosystem Expansion and Partner Enablement Model
- Scalability Capability: Galileo infrastructure supports expansion to additional fintechs and businesses
- Partner Bank Role: SoFi Bank can act as the partner bank for fintech integrations
- Target Participants:
- Digital banks
- Fintech companies
- Embedded finance providers
- Enablement Capability: Partners can build and launch instant payment experiences
- Infrastructure Advantage: Partners do not need direct FedNow® connectivity
- Acceleration Benefit: Faster time-to-market enabled by existing infrastructure
Infrastructure Readiness and Production Deployment Status
- Operational Status: FedNow® capability already live in production with SoFi
- Infrastructure State: Existing Galileo FedNow® infrastructure is active
- Deployment Advantage: Eliminates need for building new connectivity layers
- Scalability: Capable of supporting increased transaction volumes and additional partners
Platform Capabilities and Technology Architecture
- Platform Nature: Cloud-native, developer-friendly, regulation-ready
- Core Capabilities:
- Banking infrastructure connectivity
- Payment processing
- Financial product enablement
- Geographic Coverage: North and Latin America
- Experience Focus: Customer-centric financial experiences
Regulatory, Structural, and Classification Details
- Company Classification: Galileo is a technology company, not a bank
- Banking Service Delivery: Provided through issuing bank partners
- Network Context: FedNow® operates within the U.S. banking system
Copyright and Legal Notice
- Copyright Statement: ©2026 Galileo Financial Technologies, LLC. All rights reserved
Real-Time Payment Enablement Through Galileo Infrastructure
The newly announced capability is powered by Galileo’s technology platform, which provides SoFi with direct connectivity to the FedNow® Service, as well as the infrastructure necessary to execute real-time payment transactions. This includes system-level integration, operational controls, and backend processing required to ensure that transactions are completed securely and efficiently.
Galileo’s role in this partnership includes enabling SoFi to:
- Establish and maintain direct access to the FedNow® network
- Manage transaction processing and routing
- Implement controls for safe and compliant real-time payments
- Support continuous, always-on payment availability
Through this integration, SoFi is able to offer its members a seamless experience for moving money instantly, while Galileo manages the technical and operational complexity behind the scenes.
Expanded Functionality: Sending and Receiving Payments
A key component of this announcement is SoFi’s ability to support both sending and receiving FedNow® Service payments, a capability not widely implemented among participating financial institutions.
Most banks currently leveraging FedNow® focus on enabling inbound payments only. In contrast, SoFi’s implementation allows members to:
- Send money instantly to accounts at other banks
- Receive funds in real time from external accounts
- Execute transfers without delays associated with traditional payment rails
This dual capability provides users with a more comprehensive real-time payment experience, enabling them to manage their funds dynamically and without dependency on processing windows or settlement timelines.
Leadership Commentary
Bill Kennedy, Chief Financial Officer and interim head of Galileo, stated:
“For customers, waiting days for money to show up doesn’t match how payments work today. By pairing FedNow® Service with Galileo’s platform, SoFi gives members instant access to their money whenever they need it, while we manage the infrastructure behind the scenes. It also lays the groundwork to bring the same instant payment capabilities to partners in the future.”
Anthony Noto, Chief Executive Officer of SoFi, added:
“Helping our members get their money right means giving them control over their money in real time, not days later. Money should move instantly and without limits, but legacy technology and data systems fail to provide a safe and reliable platform to achieve instant and limitless money movement. By integrating FedNow into our Galileo payment hub platform, we are among the first companies to enable both sending and receiving funds via FedNow, giving SoFi members instant, 24/7 access to their money.”
These statements emphasize the operational and customer-focused aspects of the partnership, particularly the transition from delayed payment systems to real-time financial access.
Why This Matters for SoFi Members
The introduction of instant transfers through the FedNow® Service addresses common scenarios where users require immediate access to funds. Traditional payment systems, such as ACH transfers, typically involve delays ranging from one to several business days, which can limit financial flexibility.
With this new capability, SoFi members can:
- Transfer funds between accounts in seconds instead of days
- Ensure account balances are sufficient for scheduled payments or obligations
- Maintain minimum balance requirements without delay
- Move money into SoFi and begin using its products immediately
The availability of 24/7 instant transfers means that users are no longer constrained by banking hours, weekends, or holidays. This continuous availability supports a wide range of everyday financial activities, including bill payments, account management, and fund allocation.
Additionally, members can transfer money from external accounts in their own name into SoFi, enabling faster onboarding and immediate utilization of SoFi’s financial products and services.
Continuous Availability and Always-On Payments
A defining characteristic of the FedNow® Service integration is its continuous operational availability. Unlike traditional payment systems that rely on batch processing or limited processing windows, the FedNow® Service operates in real time and without interruption.
Through Galileo’s platform, SoFi members gain access to:
- Round-the-clock payment capabilities
- Instant settlement regardless of time or day
- Consistent access during weekends and public holidays
This always-on model ensures that financial transactions can occur whenever needed, supporting both planned and unplanned financial activities.
Model for Banks, Fintechs, and Embedded Finance Platforms
The implementation of FedNow® capabilities through Galileo and SoFi also establishes a framework that can be extended to additional organizations within the financial services ecosystem.
Because Galileo is already:
- Directly connected to the FedNow® Service
- Operating in a production environment with SoFi
- Providing scalable infrastructure for real-time payments
it creates a pathway for:
- Digital banks
- Fintech companies
- Embedded finance providers
to access similar capabilities without needing to establish their own direct connection to the FedNow® network.
Through SoFi Bank acting as a partner bank, Galileo’s infrastructure enables other organizations to:
- Build and launch instant payment experiences
- Leverage existing connectivity and compliance frameworks
- Accelerate time-to-market for real-time financial products
This model supports broader adoption of real-time payments across different segments of the financial services industry.
Infrastructure Readiness and Scalability
Galileo’s existing infrastructure for the FedNow® Service is already operational and supporting live transactions through SoFi. This readiness eliminates the need for additional foundational development when extending services to new partners.
Key infrastructure components include:
- Direct network connectivity to FedNow®
- Payment processing systems capable of real-time execution
- Control mechanisms to ensure transaction safety and reliability
- Scalable architecture to support increased transaction volumes
By leveraging this infrastructure, partners can focus on building user-facing experiences while relying on Galileo for backend execution and compliance alignment.
Operational Role of SoFi, N.A.
SoFi, through SoFi, N.A., serves as the banking entity offering the FedNow® Service capabilities to its members. By integrating Galileo’s infrastructure into its platform, SoFi is able to deliver real-time payment functionality directly to end users.
SoFi’s implementation includes:
- Integration of FedNow® within its payment hub
- Enablement of both sending and receiving transactions
- Provision of continuous access to funds for members
This operational model combines SoFi’s customer-facing platform with Galileo’s backend infrastructure to deliver a unified real-time payment experience.
About Galileo Financial Technologies
Galileo Financial Technologies is a financial technology provider that connects banks, fintech companies, and brands with modern banking and payment processing capabilities. As a division of SoFi, Galileo delivers digital solutions that are cloud-native, developer-friendly, and regulation-ready.
The company’s platform supports:
- Banking infrastructure integration
- Payment processing and transaction management
- Customer-centric financial product development
Galileo operates across North and Latin America, enabling organizations to deliver digital financial experiences tailored to their users. It is important to note that Galileo is a technology company and not a bank, and it partners with issuing banks to provide banking services within its operational regions.
Media Contact
For additional information, visit galileo-ft.com.
Source Attribution
Source: Company announcement
