SoFi Technologies to Adopt Galileo’s Cyberbank Core for New Commercial Payment Services Sponsor Banking Program
SoFi Technologies, Inc. (NASDAQ: SOFI) has announced the adoption of Galileo's Cyberbank Core to power its new commercial payment services sponsor banking program. This cloud-based platform will enable SoFi to offer a range of payment services to commercial clients, including debit, prepaid, ACH, and wire transactions, along with associated banking services.
Galileo, a subsidiary of SoFi, acquired Cyberbank Core through the acquisition of Technisys in 2022. The implementation is expected to be completed by November 2024. This move is part of SoFi's ongoing partnership with Galileo, which already powers various Banking, Payments, Lending, and Risk products for SoFi Bank's consumer business.
The adoption of Cyberbank Core offers several benefits, including cloud-based architecture, real-time processing, scalability, agility, robust security, and a framework aligned with federal banking regulations.
SoFi Technologies, Inc. (NASDAQ: SOFI) ha annunciato l'adozione del Cyberbank Core di Galileo per alimentare il suo nuovo programma di sponsorizzazione bancaria per i servizi di pagamento commerciali. Questa piattaforma basata sul cloud consentirà a SoFi di offrire una gamma di servizi di pagamento ai clienti commerciali, inclusi traffico debit, prepagato, ACH e bonifici, insieme ai servizi bancari associati.
Galileo, una sussidiaria di SoFi, ha acquisito Cyberbank Core tramite l'acquisizione di Technisys nel 2022. Si prevede che l'implementazione sarà completata entro novembre 2024. Questa mossa fa parte della continua partnership di SoFi con Galileo, che già supporta vari prodotti di Banking, Payments, Lending e Risk per il business consumer di SoFi Bank.
L'adozione del Cyberbank Core offre diversi vantaggi, tra cui architettura basata sul cloud, elaborazione in tempo reale, scalabilità, agilità, sicurezza robusta e un framework allineato con le normative bancarie federali.
SoFi Technologies, Inc. (NASDAQ: SOFI) ha anunciado la adopción del Cyberbank Core de Galileo para impulsar su nuevo programa de patrocinio bancario de servicios de pago comerciales. Esta plataforma basada en la nube permitirá a SoFi ofrecer una variedad de servicios de pago a clientes comerciales, incluidos transacciones de débito, prepagadas, ACH y transferencias bancarias, junto con los servicios bancarios asociados.
Galileo, una subsidiaria de SoFi, adquirió Cyberbank Core a través de la adquisición de Technisys en 2022. Se espera que la implementación esté completada para noviembre de 2024. Este movimiento es parte de la continua asociación de SoFi con Galileo, que ya impulsa varios productos de Banking, Payments, Lending y Risk para el negocio de consumo de SoFi Bank.
La adopción de Cyberbank Core ofrece varios beneficios, incluidos arquitectura basada en la nube, procesamiento en tiempo real, escalabilidad, agilidad, seguridad robusta y un marco alineado con las regulaciones bancarias federales.
SoFi Technologies, Inc. (NASDAQ: SOFI)는 새로운 상업 결제 서비스 후원 은행 프로그램을 지원하기 위해 Galileo의 Cyberbank Core 채택을 발표했습니다. 이 클라우드 기반 플랫폼은 SoFi가 상업 고객에게 직불, 선불, ACH 및 송금 거래와 관련된 은행 서비스를 포함한 다양한 결제 서비스를 제공할 수 있게 합니다.
Galileo는 SoFi의 자회사로, 2022년에 Technisys를 인수하여 Cyberbank Core를 획득했습니다. 구현은 2024년 11월까지 완료될 것으로 예상됩니다. 이는 SoFi Bank의 소비자 비즈니스를 위한 다양한 Banking, Payments, Lending 및 Risk 제품을 이미 갖추고 있는 Galileo와 SoFi의 지속적인 파트너십의 일환입니다.
Cyberbank Core의 채택은 클라우드 기반 아키텍처, 실시간 처리, 확장성, 민첩성, 강력한 보안 및 연방 은행 규정에 부합하는 구조를 포함한 여러 가지 이점을 제공합니다.
SoFi Technologies, Inc. (NASDAQ: SOFI) a annoncé l’adoption du Cyberbank Core de Galileo pour alimenter son nouveau programme de parrainage bancaire de services de paiement commerciaux. Cette plateforme basée sur le cloud permettra à SoFi d’offrir une gamme de services de paiement aux clients commerciaux, y compris des transactions par carte de débit, prépayées, ACH et par virement, ainsi que des services bancaires associés.
Galileo, une filiale de SoFi, a acquis Cyberbank Core par le biais de l’acquisition de Technisys en 2022. La mise en œuvre devrait être terminée d’ici novembre 2024. Ce mouvement fait partie du partenariat continu de SoFi avec Galileo, qui soutient déjà divers produits de Banking, Payments, Lending et Risk pour le secteur consommateur de SoFi Bank.
L’adoption du Cyberbank Core offre plusieurs avantages, notamment une architecture basée sur le cloud, un traitement en temps réel, une scalabilité, une agilité, une sécurité renforcée et un cadre conforme aux réglementations bancaires fédérales.
SoFi Technologies, Inc. (NASDAQ: SOFI) hat die Einführung von Galileos Cyberbank Core bekannt gegeben, um sein neues Programm für die Sponsorierung von gewerblichen Zahlungsdiensten zu unterstützen. Diese cloudbasierte Plattform ermöglicht es SoFi, eine Vielzahl von Zahlungsdiensten für gewerbliche Kunden anzubieten, einschließlich Debit-, Prepaid-, ACH- und Überweisungen, sowie damit verbundene Bankdienstleistungen.
Galileo, eine Tochtergesellschaft von SoFi, erwarb Cyberbank Core durch die Übernahme von Technisys im Jahr 2022. Die Implementierung soll bis November 2024 abgeschlossen sein. Dieser Schritt ist Teil der fortlaufenden Partnerschaft von SoFi mit Galileo, die bereits verschiedene Banking-, Payments-, Lending- und Risk-Produkte für das Geschäft von SoFi Bank im Verbrauchersegment bereitstellt.
Die Einführung des Cyberbank Core bietet mehrere Vorteile, darunter cloudbasierte Architektur, Echtzeitverarbeitung, Skalierbarkeit, Agilität, robuste Sicherheit und ein Rahmenwerk, das mit den Anforderungen der US-Bankenaufsicht in Einklang steht.
- Adoption of Galileo's modern, cloud-based Cyberbank Core for commercial payment services
- Expansion of services to include debit, prepaid, ACH, and wire transactions for commercial clients
- Enhanced ability to quickly launch new products and scale financial services
- Improved customer experience through real-time processing and immediate access to funds
- Increased security features and compliance support
- None.
Insights
SoFi's adoption of Galileo's Cyberbank Core for commercial payment services is a strategic move that could significantly enhance its B2B offerings. This integration demonstrates SoFi's commitment to leveraging its tech stack across different business segments, potentially creating new revenue streams and operational efficiencies.
The cloud-based architecture and real-time processing capabilities of Cyberbank Core could give SoFi a competitive edge in the commercial banking space. The ability to quickly launch and scale new products is important in the fast-paced fintech industry, potentially allowing SoFi to capture market share more rapidly.
Importantly, this move aligns with SoFi's strategy of vertical integration following its acquisitions of Galileo and Technisys. By utilizing in-house technology, SoFi can potentially reduce costs and have greater control over its product development cycle. This could lead to improved margins and faster innovation, which are key factors for investors evaluating fintech stocks.
SoFi's expansion into commercial payment services represents a significant diversification of its business model. This move could help balance the company's revenue streams, which have historically been more consumer-focused. The commercial banking sector often offers more stable, recurring revenues, which could appeal to investors seeking predictability.
The adoption of a modern, cloud-based core banking system positions SoFi well against traditional banks that often struggle with legacy systems. This technological advantage could translate into faster growth and improved operational efficiency in the commercial segment.
However, investors should note that entering the commercial banking space brings new challenges, including increased regulatory scrutiny and competition from established players. SoFi's success will depend on its ability to leverage its technology to offer unique value propositions to commercial clients while navigating the complexities of B2B financial services.
“We are thrilled that our new commercial payment services sponsor bank program is built on Galileo’s powerful tech platform,” said Anthony Noto, CEO of SoFi. “Galileo’s modern, cloud-based banking core offering is cutting edge, enabling banks, fintech, and financial services companies like SoFi to quickly launch new products, effortlessly scale financial services products, and stay ahead of the evolving needs of customers. Importantly, Galileo is uniquely positioned to understand and meet the regulatory expectations of customers since it operates under federal banking regulations as a subsidiary of SoFi, a federal bank holding company.”
Galileo delivers a wide range of benefits for clients like SoFi that are modernizing their core infrastructure in order to improve customers’ experience, including:
- Cloud-Based Architecture: Easily and affordably scale computing power and storage as needs grow, without losing performance or investing in expensive data centers and hardware.
- Real-Time Processing: Faster and more efficient transactions, giving clients immediate access to their funds and financial information.
- Scalability and Resilience: The ability to support rapid growth while maintaining a seamless, reliable client experience.
- Agility: Enhanced flexibility to develop and launch innovative financial products and services tailored to specific customer needs.
- Robust Security: Industry-leading security features and compliance support to ensure that customers' data and finances are protected.
- Federal Regulation: A framework to ensure safety and soundness within the banking system.
"We are excited to support SoFi on its journey to revolutionize financial services," said Derek White, CEO of Galileo. "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. We look forward to seeing SoFi unlock new possibilities with our platform."
SoFi’s commercial payment services program implementation of Cyberbank Core is expected to be complete in November 2024. This collaboration is the latest step in SoFi’s partnership with Galileo, which currently powers an array of Banking, Payments, Lending, and Risk products for SoFi Bank’s consumer business, including:
- Cyberbank Konecta: An AI-driven customer experience platform with digital assistants for 24/7 support.
- Payments and Card Issuing: A secure platform for digital payments, virtual cards, and accounts, with easy API integration.
- Lending: Solutions for consumer and business lending, including BNPL options, via flexible APIs.
-
Risk Management: Advanced fraud detection using machine learning, reducing fraud by
35% on average for Galileo clients.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its nearly 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps
©2024 SoFi Technologies, Inc. All rights reserved.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights reserved.
Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in
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MEDIA CONTACT:
Solomon Joseph
(905) 510-1400
solomon@fletchergroupllc.com
Source: Galileo Financial Technologies, LLC
FAQ
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