09.13.24

How Fifth Third is Embracing Hot Payment Trends

by: John Adams

Fifth Third Bank is partnering with Trustly, a technology firm that powers open banking, to develop a new range of payment facilities, including real-time transactions and pay-by-bank services. The bank will combine Trustly's technology with tools from Newline by Fifth Third. Fifth Third is competing against payment fintechs and other banks that are combining new payment processing technology and data analysis methods to sell a broad range of services to clients that includes not only payments, but one-stop access to other financial services and nonfinancial business products. "We see a bunch of new opportunities to add more support and richer information around the movement of money," said Tom Bianco, general manager of Newline by Fifth Third. "As we mine that data it will continuously get better." Trustly and Newline will build products that use the Clearing House's RTP network and Trustly's pay-by-bank system. Real-time payments are expanding rapidly, while pay-by-bank is emerging as a lower-fee alternative to credit card payments. The first product will be support for deposits and withdrawals via RTP, though Fifth Third anticipates further development for products that use the RTP and FedNow rails.

Read the full article on American Banker