Fifth Third Bank has announced a collaborative agreement between Newline by Fifth Third, an embedded payments provider, and Stripe. 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.
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By GlobalDataAccording 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.
The collaboration enhances Stripe’s ability to deliver compliant embedded money movement solutions for their platform clients and their end users
Tom Bianco, general manager of Newline by Fifth Third, said: “This relationship is reflective of the alignment between our organisations. 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.”
Fifth Third’s commercial payments business currently processes $17trn in annual payments volume and serves 25% of the Fortune 100. For decades, the Bank has delivered 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, one of the largest payment processors in the US.
