Fifth Third Bank chooses FIS for real-time payments
US-based Fifth Third Bank has chosen FIS to enable real-time payments (RTP) for its customers through The Clearing House’s (TCH) payments system.
The bank says it is expected to go live with RTP in early 2018. The system will allow consumers and businesses in the US to send and receive payments instantly.
Earlier in the year, FIS launched its real-time payments incubator service, which is designed to help US financial institutions adapt to RTP by lowering the cost of entry for connecting to TCH’s payment services.
“FIS has been a key partner of ours to realise the vision of ubiquitous real-time payments in the US,” says Russ Waterhouse, executive VP, product development and strategy at TCH.
Real-time partnerships
FIS has been busy working with other banks and institutions not only for RTP solutions, but also fintech accelerators.
Earlier in May, FIS and the Arkansas-based entrepreneur support organisation Venture Center revealed the ten start-ups for their 2017 VC Fintech Accelerator, now in its second year.
FIS has been working with a range of financial institutions – including ASL, Credit Suisse and Nordea – to modernise their payments, expand their capabilities, and update fraud and reporting systems.
Most recently, back in October, FIS and Citi Treasury and Trade Solutions began working together to enable real-time payments and cash management for their corporate treasury customers.
FIS has also recently released its fourth annual Flavors of Fast report, which identifies and tracks active RTP programmes around the world.
