Cloud-based architecture: scale computing power and storage affordably as demands increase, without compromising performance or investing in data centres and hardware;
Real-time processing: enables quicker and more efficient transactions, allowing clients instant access to their funds and financial information;
Scalability and resilience: support rapid growth while ensuring an optimised client experience;
Agility: increased flexibility to create and launch financial products and services tailored to specific customer requirements;
Advanced security: compliance support and security measures to safeguard customers' data and finances;
Federal regulation: a framework designed to maintain safety in the banking system.
SoFi anticipates the completion of its Cyberbank Core implementation for commercial payment services by November 2024. This initiative comes as an addition to SoFi's collaboration with Galileo, which currently supports a diverse range of products for SoFi Bank’s consumer sector, including:
Cyberbank Konecta: an AI-powered customer experience platform featuring digital assistants available 24/7;
Payments and Card Issuing: a secure platform for digital transactions, virtual cards, and accounts, offering seamless API integration;
Lending: comprehensive solutions for consumer and business lending, including Buy Now, Pay Later (BNPL) options, facilitated by flexible APIs;
Risk Management: upgraded fraud detection using machine learning, resulting in fraud reduction for Galileo clients.
SoFi representatives stated that Galileo's cloud-based banking core enables banks, fintech companies, and financial service providers to launch new products, expand their offerings, and adapt to changing customer needs. Also, Galileo focuses on meeting the regulatory requirements of its clients, as it operates under federal banking regulations as a subsidiary of SoFi, a federal bank holding company.
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