SoFi Adopts Galileo’s Cyberbank Core for Improved Commercial Payments

Digital financial services company SoFi says it has adopted its subsidiary Galileo’s cloud-based Cyberbank Core.

This integration, announced Wednesday (Oct. 16), will power a variety of payment services for commercial clients, among them debit, prepaid, ACH and wire transactions, and associated banking services. Cyberbank Core became part of Galileo’s offering when SoFi acquired Technisys in 2022.

“We are thrilled that our new commercial payment services sponsor bank program is built on Galileo’s powerful tech platform,” Anthony Noto, CEO of SoFi, said in a news release.

“Galileo’s modern, cloud-based banking core offering is cutting edge, enabling banks, FinTechs, and financial services companies like SoFi to quickly launch new products, effortlessly scale financial services products and stay ahead of the evolving needs of customers.”

He added that Galileo is “uniquely positioned” to deal with customers’ regulatory expectations because it operates under federal banking regulations as a subsidiary of SoFi, itself a federal bank holding company.

Also this week, SoFi teamed with credit infrastructure and analytics firm Nova Credit, leveraging Nova’s consumer-permissioned data and analytics solution, Cash Atlas, to bolster SoFi’s loan underwriting. This will give SoFi the ability to use cash flow data to gain a real-time and granular view of a consumer’s financial health and generate a more complete risk profile.

With SoFi better able to assess credit risk, it can improve credit eligibility for consumers across the credit spectrum and improve its members’ experience.

In other commercial payments news, PYMNTS spoke recently with Dean M. Leavitt, founder and CEO at Boost Payment Solutions, about the way the field is being reshaped by new intermediaries, such as FinTechs and accounts payable and accounts receivable platforms.

“Across all different payment types, the rails have largely remained the same,” Leavitt told PYMNTS CEO Karen Webster. “What has changed dramatically is the work being done around those rails.”

For the past 15 years or so, a “new world order” of FinTechs and process-driven companies have smoothed a lot of the friction associated with payments, he said.

This wave of FinTechs and new technologies has ushered in a competitive environment in B2B payments, with a burgeoning ecosystem of networks competing to become the preferred intermediary in B2B transactions.

“Competition drives innovation, and innovation creates expanded opportunities,” Leavitt said, adding that every business now wants to be part of the “last mile” in a commercial transaction — the moment the payment is made.