Fintech
Stripe Selects Fifth Third to Power Integrated Financial Services
Fifth Third Bank is pleased to announce a collaboration agreement between Fifth Third’s Newline™, a leading integrated payments provider, and Banda financial infrastructure platform that enables companies to seamlessly integrate financial services into their products. Together, Newline™ and Stripe will expand embedded financial services for Stripe 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. Fifth Third’s Newline™ is an API platform that allows businesses 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 integrated into the software platforms they use every day. Software platforms are turning to Stripe to simplify money movement so they can offer integrated, compliant financial services to their business customers. This collaboration with Newline™ further enhances Stripe’s ability to provide integrated, compliant money movement solutions for their platform customers and their end users.
“This relationship reflects the alignment between our organizations,” said Tom Bianco, general manager of Newline™ at Fifth Third. “Stripe’s high standard for customer service is closely aligned with our mission at Fifth Third. We look forward to leveraging our capabilities to help Stripe continue to deliver innovative, robust solutions for their customers,” Bianco added.
Fifth Third’s commercial payments business currently processes $17 trillion in annual payment volume and serves 25% of the Fortune 100. For decades, the bank has provided innovative payment strategies and scalable technology solutions for businesses around the world, partnering 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 payments processor in the United States. Today, Fifth Third’s Newline™ continues this tradition of innovation by combining world-class banking, risk management oversight, and technology solutions with developer tools and managed services that enable clients to integrate financial services into their platforms and products.