Stripe Chooses Fifth Third to Enable Embedded Financial Services
Fifth Third Bank announced a partnership between Newline™ by Fifth Third, a leading embedded payments provider, and Stripe, a financial infrastructure platform that helps businesses seamlessly integrate financial services into their products. This collaboration aims to enhance embedded financial services for Stripe’s platform users and their customers.
Later this year, Newline™ will power Stripe Treasury, a service that allows software platforms using Stripe to offer embedded financial accounts to their customers. Newline™ by Fifth Third is an API platform enabling enterprises to launch and scale payment, card, and deposit products directly with Fifth Third Bank.
A survey by Stripe revealed that 46% of businesses feel traditional financial experiences have impeded their growth. Modern businesses seek intuitive, digital financial services embedded within the software they use daily. Software platforms rely on Stripe to simplify money movement and provide embedded, compliant financial services to their business customers. This collaboration with Newline™ enhances Stripe’s ability to deliver compliant money movement solutions for its platform clients and their end users.
“This partnership reflects the synergy between our organizations,” said Tom Bianco, General Manager of Newline™ by Fifth Third. “The high standards Stripe maintains in delivering services to its customers align closely with our mission at Fifth Third. We are eager to leverage our capabilities to support Stripe in continuing to deliver innovative and robust solutions for their clients,” Bianco added.
Fifth Third’s commercial payments business processes $17 trillion in annual payments volume and serves 25% of the Fortune 100. For decades, the Bank has provided innovative payment strategies and scalable technology solutions for businesses worldwide, collaborating with some of the earliest e-commerce companies.
Established in 1971, Fifth Third Processing Solutions was created as a payments network to connect retailers and financial institutions. It was later renamed Vantiv and merged into Worldpay, the largest payment processor in the U.S. Today, Newline™ by Fifth Third carries on this legacy of innovation by combining world-class banking, risk management oversight, and technology solutions with developer tools and managed services that empower clients to embed financial services into their platforms and products.