CINCINNATI--(BUSINESS WIRE)--Sep. 5, 2024--
Fifth Third Bank is pleased to announce a collaborative agreement between Newline™ by Fifth Third, a leading embedded payments platform, and Trustly, the global leader in Open Banking Payments.
Working together, Trustly and Newline will drive innovation across the money movement landscape, including payments via the Automated Clearing House (ACH) and Real Time Payments (RTP) networks, and Trustly’s pay-by-bank ecosystem. The first payment products on which the parties will collaborate are deposits and withdrawals via ACH and RTP.
Newline’s API platform enables Trustly to transmit payments directly via Fifth Third Bank. Trustly aims to scale its payment products in collaboration with Fifth Third to meet the growing demand for seamless, reliable payment experiences.
“The Trustly team are pioneers in the payments industry and innovators in the pay-by-bank space. Our collaboration thrives because of our mutual commitment to cutting edge leadership. We look forward to shaping the future of payments together,” said Tom Bianco, general manager of Newline™ by Fifth Third.
“We’re thrilled to collaborate with Newline to further enhance the payment experience for our customers,” said Eric Foust, vice president of banking partnerships at Trustly. “This strategic agreement reflects our shared dedication to delivering frictionless, secure, and innovative financial solutions. Together, we'll continue to focus on producing user-centric banking experiences and raising the standard for digital payments.”
Fifth Third’s commercial payments business currently processes $17 trillion in annual payments volume and serves 25% of the Fortune 100. For decades, the Bank has delivered innovative payment strategies and scalable technology solutions for businesses worldwide, working with some of the earliest e-commerce companies.
About Newline™ by Fifth Third Bank
Newline is an API platform that enables enterprises to launch payment, card, and deposit products directly with Fifth Third Bank. Launched after Fifth Third’s acquisition of Rize Money in 2023, Newline has reinvented bank technology and embedded payments, combining the best in fintech innovation with a trusted banking relationship.
About Trustly
Trustly was launched in 2008 and has grown rapidly over the past 16 years to become a global leader in Open Banking Payment solutions. With a mission to make online payments as seamless as possible, Trustly offers an innovative payment platform, bridging the gap between consumers and merchants. Its technology ensures that transactions are processed in real-time, providing both speed and security for all parties involved.
Trustly's dedication to revolutionizing the payments industry is reflected in its partnerships with major brands such as PayPal, eBay, and Hargreaves Lansdown in Europe and FanDuel, T-Mobile, and Coinbase in North America. To date, Trustly has transformed the performance and experience of payments for over 9,000 merchants in 30+ markets, connecting them to 650+ million consumers through 12,000 banks.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.
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Adrienne Gutbier (Media Relations)
adrienne.gutbier@53.com | 513-534-8038
Matt Curoe (Investor Relations)
matt.curoe@53.com | 513-534-2345
Abby Duke (Trustly Public Relations)
abby.duke@trustly.com | 872-335-8618
Source: Fifth Third
