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FIS selected by Fifth Third Bank to allow real-time payments

Published 08 December 2017

Fifth Third Bank has selected FIS to allow real-time payments for its customers through The Clearing House’s RTP, a real-time payments system.

The bank is expected to go live with RTP in early 2018. The system will allow consumers and businesses in the United States to send and receive payments instantly.

“RTP® promises to fundamentally transform the payments landscape in the United States,” said Anthony Jabbour, chief operating officer, FIS. “We are excited to be working with TCH and our banking clients to realize the benefits of this breakthrough new system.”

In early 2017, FIS launched its Real-Time Payments Incubator service, aimed at helping U.S. financial institutions accelerate the path to real-time payments by lowering their cost of entry for connecting to The Clearing House (TCH) RTP.

“As a global leader in payments technology, FIS has been a key partner of ours to realize the vision of ubiquitous real-time payments in the United States,” said Russ Waterhouse, executive vice president, Product Development and Strategy at The Clearing House.

“We’re excited to see Fifth Third adopting RTP® and we look forward to FIS’ help in bringing the benefits of this technology to many additional institutions.”

FIS is working with a range of global financial institutions – including ASL, Credit Suisse and Nordea – to modernize their payments environments, expand their real-time capabilities, and update real-time fraud and reporting systems. FIS recently released its fourth annual Flavors of Fast report, which identifies and tracks active real-time payments programs around the world.

Source: Company Press Release