Galileo Enables SoFi to Send and Receive FedNow Instant Payments

On April 13, 2026, Galileo Financial Technologies — the technology platform owned by SoFi Technologies — announced it has enabled SoFi Bank (N.A.) to support both sending and receiving of instant payments through the Federal Reserve's FedNow Service. The integration allows SoFi members to transfer money in seconds between SoFi accounts and other U.S. banks around the clock, including weekends and holidays. Galileo is directly connected to FedNow and powers the payment rails underlying SoFi's consumer banking products.

SoFi CEO Anthony Noto highlighted the capability as a step beyond legacy payment systems, offering instant and limitless money movement. Critically, the announcement underscores a banking-as-a-service dimension: Galileo's infrastructure can now extend FedNow-based instant payment features to other fintechs, digital banks, and businesses that use SoFi Bank as their partner bank, allowing them to offer instant payments without establishing their own direct FedNow connections. Galileo CFO Bill Kennedy noted that this deployment lays the groundwork for onboarding future BaaS partners.

The move positions SoFi and Galileo competitively in the embedded finance space by combining regulated banking capabilities with modern payment infrastructure at scale.