SoFi Technologies, Inc. has announced the adoption of Galileo's Cyberbank Core to enhance its commercial payment services. This new development will support a range of payment services for commercial clients, including debit, prepaid, ACH and wire transactions. The integration is expected to be completed by November 2024.

Anthony Noto, CEO of SoFi, stated: "We are thrilled that our new commercial payment services sponsor bank program is built on Galileo’s powerful tech platform." He emphasized the benefits of Galileo's cloud-based banking core offering which allows financial service companies like SoFi to quickly launch and scale products while meeting regulatory expectations.

Derek White, CEO of Galileo, expressed enthusiasm about the collaboration: “We are excited to support SoFi on its journey to revolutionize financial services.” He highlighted that their modern core infrastructure provides banks with a strong foundation in today's dynamic financial landscape.

Galileo offers several advantages for clients updating their core infrastructure. These include cloud-based architecture for scalable computing power and storage, real-time processing for efficient transactions, scalability and resilience for growth support, agility in product development, robust security features, and compliance with federal regulations.

The partnership between SoFi and Galileo extends beyond this project. Currently, Galileo powers various Banking, Payments, Lending and Risk products for SoFi Bank’s consumer business. These include Cyberbank Konecta for customer experience management; secure platforms for payments and card issuing; lending solutions; and advanced risk management systems.

SoFi aims to provide comprehensive digital financial services through its member-centric approach. It offers a variety of financial products across three segments: Lending; Financial Services including checking accounts and investment options; and Technology Platform featuring an integrated financial technology stack.

For more information about SoFi Technologies or Galileo Financial Technologies visit their respective websites or download their mobile applications.