Galileo Unveils New Wire Transfer API to Power US FinTechs
Leading fintech company, Galileo Financial Technologies, has unveiled an in-demand wire transfer API for fintechs. The service enhances Galileo wire transfer capabilities, allowing fintechs to provide their customers with a faster and more secure money transfer option.
According to Yahoo Finance, Galileo’s wire service will help fintechs to attract and retain more customers. Galileo uses its wire transfer API to link fintechs that partner with the Community Federal Savings Bank with the Fedwire Funds Service.
Fueling FinTech Growth
Last year, Fedwire Funds Service reported that it processed upwards of 193 million wire transfers. Galileo is already boosting the growth of fintech startups by facilitating Fedwire transfers. Galileo’s money movement API provides a scalable solution for fintechs. It empowers them to cater to the growing demand for fast financial transactions.
Galileo’s CPO, David Feuer said, “Galileo continues to power most of the leading fintechs in the US and provide a one-stop-shop for a wide variety of payment methods. Adding wire transfer capabilities supports the demand for fast and secure money movement and integrates seamlessly with fintech’s existing financial infrastructures through API access.”
Galileo wire transfer capabilities enhance the efficiency of outgoing and incoming wire transfers. By doing so, it enables rapid and reliable movement of funds.
Same Day Transfer
Galileo financial technologies help fintechs to deliver funds to recipients the same day they are sent. Each transaction undergoes a thorough validation process to ensure safety and integrity. Demand for fast wire transfer services is high among businesses and individual consumers who seek instant, secure transactions. A good example is large transactions like home, vendor, or tuition payments.
“The demand for Fedwire transfers spans a broad range of use cases, from individual consumers managing personal financial needs to businesses handling large-scale, B2B financial operations,” Galileo said.
User Benefits
Galileo’s secure money movement solution offers users a range of benefits. These include enhanced security. Each financial transaction is subjected to a rigorous validation process to guarantee the safety of the funds transferred. Users enjoy speedy transactions. Notifications are sent to recipients and senders in real-time. This keeps them updated on the status of transactions at any given time.
Open API
As a fintech giant, Galileo leverages open APIs to power its fully integrated platform and fuel innovation across its financial and payment services. The company has earned the trust of digital banking heavyweights. It attracts enterprise clients and early-stage fintech innovators. The company supports virtual and physical payment cards for clients. It also supports digital push provisioning and customized financial products across industries and locations.
