The Bancorp and Galileo collaborate on instantaneous transactions.

Galileo Financial Technologies, a prominent provider of financial technology and an independent business owned and run by SoFi Technologies, Inc. (NASDAQ: SOFI), has expanded its partnership with The Bancorp Bank, NA to include real-time payment services. This announcement was made today.

Madilyn Swift

March 05, 2024

1Min Read

112

Payments

Galileo and The Bancorp are utilizing The Clearing House's RTP® network to provide instantaneous money transfers between bank accounts. This allows fintech companies and brands to address the long-standing cash flow issues that small businesses (SMBs) and consumers seeking quick access to their funds confront.

Since real-time payments are accessible 24/7, monies are always instantly available, even in situations where more conventional means like wire transfers and ACH aren't working. The Clearing House reports that in Q3 2023, the number and value of transactions over the RTP network reached a new high of 64 million transactions at $34 billion.
Companies can use The Bancorp and Galileo to provide their clients with real-time payments. Through this agreement, Galileo's clients can more simply integrate fast payments via the RTP network without having to start from scratch with complicated systems. Other significant advantages for companies and customers consist of:

• Quicker Transactions: Allows for almost immediate transfers, giving money access for transactions that need to be completed quickly.
• Increased client Satisfaction: By removing payment delays, real-time payments' speed and ease greatly improve the client experience.
• Better Cash Flow Management: Businesses that can receive funds promptly are able to better manage their working capital and liquidity.

According to David Feuer, Chief Product Officer of Galileo Financial Technologies, "consumers and businesses expect payments to be available instantly, and offering real-time payment capabilities ensures Galileo's clients can deliver on that expectation." "The Bancorp and Galileo's integration allows us to provide a quick and effective solution to guarantee faster money movement right now."