SoFi Technologies, Inc. (NASDAQ:SOFI) disclosed the adoption of Galileo's cloud-based Cyberbank Core to power various payment services for commercial clients, including debit, prepaid, ACH, and wire transactions, along with banking services.
Galileo is a SoFi subsidiary. Cyberbank Core became part of Galileo's platform following SoFi's acquisition of Technisys in 2022.
SoFi's implementation of Cyberbank Core for its commercial payment services program is expected to be completed by November 2024.
This collaboration marks the latest advancement in SoFi's partnership with Galileo, which currently supports a range of Banking, Payments, Lending, and Risk products for SoFi Bank's consumer business.
Galileo provides several benefits for clients like SoFi modernizing their core infrastructure. Its cloud-based architecture allows for easy and cost-effective scaling of computing power and storage without compromising performance.
Real-time processing ensures faster transactions and immediate access to funds and financial information. The platform supports scalability and resilience, facilitating rapid growth while maintaining a seamless experience.
Galileo also enhances agility, enabling the development of innovative financial products tailored to customer needs.
Derek White, CEO of Galileo, said, "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."
Yesterday, SoFi expanded its partnership with Nova Credit to integrate Cash Atlas for better loan underwriting and credit risk assessment.
Investors can gain exposure to the stock via Advisor Managed Portfolios Trenchless Fund ETF (NYSE:RVER) and ARK Fintech Innovation ETF (NYSE:ARKF).
Price Action: SOFI shares are down 1.28% at $10.05 at the last check Wednesday.
Photo via Shutterstock
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