Galileo Begins Offering Wire Transfers to FinTechs

Galileo Financial Technologies has begun offering wire transfer capabilities to FinTechs.

The So-Fi-owned company announced the new offering Tuesday (July 9), saying it provides FinTechs with another option for fast and secure money movement.

Through its wire transfer API, Galileo connects FinTechs working with Community Federal Savings Bank to Fedwire, which processed more than 193 million wire transfers last year.

“Galileo streamlines the process of both incoming and outgoing wire transfers, enabling faster, reliable movement of funds,” the company said in a news release. “This service is in high demand for businesses and consumers that need immediate and secure transactions, for example, large transactions such as a home sale, tuition payments or vendor payments.”

With wire capabilities, Galileo said, recipients can get their funds on the day they are sent, with each transaction undergoing “rigorous validation processes,” ensuring the safety and integrity of the money being transferred.

“The demand for Fedwire transfers spans a broad range of use cases, from individual consumers managing personal financial needs to businesses handling large-scale, B2B financial operations,” the release added.

Elsewhere from the world of faster payments, PYMNTS on Tuesday examined the role instant payments pay in making sure borrowers receive their funds in a timely manner.

“Not only are more consumers turning to instant loan payouts, but many senders seem willing to offer them as well,” PYMNTS wrote, noting that 44% of consumers who receive borrowing disbursements receive them most frequently through instant methods.

Research by PYMNTS Intelligence finds a notable increase in instant usage for borrowing in the past year. Nearly half of loan disbursements were received instantly as of January.

“Among all loan types, consumers are the most likely to receive consumer loan payouts via instant methods,” that report said. “This type of loan has shown the biggest rise in instant usage, mostly due to an increase in the share of senders offering loan recipients instant payment options in the past year.”

In addition, the research found that borrowers value consumer loan instant payouts options so much that they have no problem with the idea of paying for it.

In fact, nearly three-quarters of consumers who receive consumer loan disbursements said they were highly willing to pay a fee to get them instantly.

“While borrowers receiving other loan disbursements are less likely to pay a fee for instant disbursements, they remain very likely overall,” PYMNTS wrote.