SoFi Technologies has announced the integration of Galileo’s cloud-based Cyberbank Core to support a variety of commercial payment services. The implementation, set to be completed in November 2024, will enable SoFi to offer streamlined payment solutions, including debit, prepaid, ACH, and wire transactions. This partnership follows SoFi’s 2022 acquisition of Technisys, which brought Cyberbank Core under Galileo’s platform. Galileo, a subsidiary of SoFi, provides fintechs and financial institutions with solutions to modernize their banking infrastructure. SoFi’s CEO, Anthony Noto, emphasized the platform’s ability to help financial institutions quickly launch and scale products while adhering to federal regulations.
Galileo’s Cyberbank Core offers a cloud-based architecture that supports real-time processing, scalability, and robust security features. These capabilities enable banks and fintechs to deliver faster, more efficient services to clients. The platform is designed to meet the demands of a rapidly evolving financial landscape, offering flexibility for product innovation and regulatory compliance. SoFi’s adoption of Cyberbank Core is a strategic step to enhance its commercial payment offerings, continuing its mission to provide members with comprehensive financial services through innovative technology.
