Fifth Third Bank is pleased to announce a collaborative agreement between NewlineTM by Fifth Third, an embedded payments platform, and Trustly, the global enabler of 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.”
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.”
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.”
As mentioned in the announcement, 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 enhancing “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.”
As noted in the update, 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.”
