SoFi Technologies announced on April 13 that its Galileo platform has completed a direct connection to the FedNow Service. SoFi members can now send and receive funds in seconds between their SoFi accounts and accounts at other US banks, around the clock including weekends and holidays.
Unlike the majority of FedNow participants that support only inbound receive capabilities, SoFi enables full bidirectional instant transfers. Galileo processes banking and payments for multiple fintech clients beyond SoFi. The direct FedNow connection could extend instant payment access to additional fintechs through SoFi Bank as sponsor bank.
The launch follows Intuit's completion of FedNow certification on April 9.