Galileo Financial Technologies, SoFi's Technology Platform, launched its Deposit Sweep product. This product enables fintechs to partner with a network of participating banks and a deposit sweep provider to offer their customers maximized interest earnings and extended FDIC insurance coverage.
Galileo facilitates the data exchange and reporting framework for fintechs, automating funds transfers above a defined threshold to optimize customer returns while maintaining liquidity. Bluevine, a leading business banking platform for small businesses, is a pilot client for Galileo Deposit Sweep.
David Feuer, CPO at Galileo, stated that this solution empowers fintechs to deliver more competitive returns for their customers without increasing operational complexity, enhancing the value proposition of Galileo's platform.
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