CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank is pleased to announce a collaborative agreement between Newline by Fifth Third, a leading embedded payments provider, and Stripe, a financial infrastructure platform that enables businesses to seamlessly incorporate financial services in their products. Together, Newline and Stripe will expand embedded financial services for Stripe's platform users and their customers.
Later this year, Newline will power Stripe Treasury, a service that enables software platforms on Stripe to offer embedded financial accounts to their customers. Newline by Fifth Third is an API platform that enables enterprises to launch and scale payment, card, and deposit products directly with Fifth Third Bank.
According to a survey conducted by Stripe, 46% of businesses reported that traditional financial experiences have hindered their growth. Modern businesses want intuitive, digital financial services embedded within the software platforms they use daily. Software platforms look to Stripe to simplify money movement so they can offer embedded, compliant financial services to their own business customers. This collaboration with Newline further enhances Stripe's ability to deliver compliant embedded money movement solutions for their platform clients and their end users.
"This relationship is reflective of the alignment between our organizations," said Tom Bianco, general manager of Newline by Fifth Third. "The high standard Stripe sets for itself in the delivery of services to its customers closely aligns with our mission at Fifth Third. We look forward to bringing our capabilities to bear for Stripe, enabling their continued delivery of innovative and robust solutions for their customers," Bianco added.
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.
In 1971, Fifth Third Processing Solutions was created as a payments network to help connect retailers and financial institutions. It was later renamed Vantiv and then spun off and merged into Worldpay, the largest payment processor in the U.S. Today, Newline by Fifth Third continues this legacy of innovation by combining world-class banking, risk management oversight and technology solutions with developer tools and managed services that enables clients to embed financial services into their platforms and products.
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 .
Contacts
Adrienne Gutbier (Media Relations)
adrienne.gutbier@53.com | 513-534-8038
Matt Curoe (Investor Relations)
matt.curoe@53.com | 513-534-2345