Real-time payments are available any time of day, year-round, ensuring the instant availability of funds even when traditional methods such as ACH and wires are unavailable. In Q3 2023, transaction volume and value over the RTP network hit a record high of 64 million transactions at USD 34 billion, according to The Clearing House.
Businesses can offer real-time payments to their customers via Galileo and The Bancorp. This partnership streamlines the process for Galileo’s clients to more easily implement instant payments via the RTP network without having to build complex systems from the ground up. Other key benefits to businesses and consumers include:
Faster Transactions: Enables near-instantaneous transfers, providing faster access to funds for time-sensitive transactions;
Enhanced Customer Satisfaction: The speed and convenience of real-time payments significantly enhance the customer experience, eliminating delays in payments;
Superior Cash Flow Management: Receiving funds instantly helps businesses better manage their liquidity and working capital.
Galileo Financial Technologies and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable, and fully integrated platform drives innovation across payments and financial services.
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