Galileo Financial Technologies has expanded its collaboration with The Bancorp to enable instant payments. Together, the companies use the RTP® network from The Clearing House to enable instant money movement between bank accounts, allowing FinTechs and brands to give their customers fast access to their funds, Galileo said in a Monday (March 4) press release. “Consumers and businesses expect payments to be available instantly, […]
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Galileo Financial Technologies has expanded its collaboration with The Bancorp to enable instant payments.
Together, the companies use the RTP® network from The Clearing House to enable instant money movement between bank accounts, allowing FinTechs and brands to give their customers fast access to their funds, Galileo said in a Monday (March 4) press release.
“Consumers and businesses expect payments to be available instantly, and offering real-time payment capabilities ensures Galileo’s clients can deliver on that expectation,” David Feuer, chief product officer at Galileo, said in the release. “With this integration between The Bancorp and Galileo, we can offer a swift, efficient way to ensure faster money movement today.”
The Bancorp is a payment services provider and specialized lender that supports the payments and banking needs of nonbank companies, according to the company’s website. Galileo is a FinTech company owned by SoFi Technologies that supports payments and financial services for other FinTechs, financial institutions and brands.
With their expanded collaboration, Galileo’s clients can implement instant payments without having to build a system from the ground up, according to the release.
Once implemented, these businesses can deliver near-instantaneous transfers, providing faster access to funds, the release said. These payments are available at any time of day, all year round.
Eliminating delays in payments enhances the customer experience and helps businesses better manage their liquidity and working capital, per the release.
Real-time payments can transform banks that embrace it, Mike Haney, head of product strategy at Galileo, wrote in the PYMNTS eBook, “2023 Payments New Year’s Resolutions.”
This capability helps banks reduce operational costs, increase customer loyalty and deepen relationships with partners, Haney said.
“The path to instant payments may be complex,” Haney said. “However, the banks that embrace it will reap the rewards of a simpler, more standardized offering and be better positioned for the next industry evolution.”
Several use cases are driving the adoption of instant payments, Haney told PYMNTS in an interview posted in December. These include consumers being eager to pay bills on time, and businesses exploring the benefits of instant payments.
“Once you have that recognition, you then have to start building your business case to implement both the infrastructure and the operational procedures to integrate instant payments,” Haney said.
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