Financial infrastructure giant Stripe We are affiliated with Fifth Third Bank’s embedded payments division, NewLine, will expand its embedded financial services offerings, the companies announced Monday.
Starting next month, Newline will power Stripe Treasury, which enables software platforms on Stripe to offer built-in financial accounts to their customers. Newline will enable businesses to work directly with Fifth Third Bank to launch and scale payment, card and deposit products.
“Modern businesses want easy-to-use and accessible financial services within the software they use every day,” wrote Neetika Bansal, business lead for Money as a Service at Stripe. LinkedIn“Stripe and Fifth Third are making this possible by making it easier for users to move money.”
Bansal wrote that the collaboration began nearly a year ago.
New Line was born from Rize Acquires embedded payments platform Fifth Third The work was carried out last year in collaboration with Fifth Third’s traditional embedded payments team, which it launched in 2021.
But its roots go back even further, to Fifth Third Processing Solutions, a payments network the bank founded in 1971 that was eventually merged into Worldpay, the nation’s largest payments processor.
“Our Vision [in 2021] Fifth Third’s goal was to enter the embedded payments space with the experience, scale, depth and breadth it has cultivated to date. [we] “We wanted to add a modern technology platform to the group,” said Tom Bianco, general manager of New Line.
“When we thought about Rize’s technology stack, it was a fully modern, fully cloud-based, API-driven, embedded banking platform. And [Newline]”We have been focused on providing direct payment capabilities in response to the needs of clients building software platforms,” he said.
Some of New Line’s partners have had decades of relationships with Fifth Third’s payments division, but what’s unique about working with Stripe is that it will allow Fifth Third to expand distribution of its core payments capabilities on a massive scale, Bianco said. Processed over $1 trillion in commercial transactions Last year it was up 25% from the previous year.
“For New Line, partnering with a high-profile company like Stripe reinforces our position as a market leader and reminds the market that we have been a big force for many years,” Bianco said.
“Maybe we’re being overly humble as Midwesterners, but New Line is not new to this space. We need to work harder to help the market understand the leadership position we have, the investments we’re making and, frankly, the innovation we’ve made in the very short time since acquiring Rise,” he said.
Fifth Third’s commercial payments business processes $17 trillion in payments annually and serves 25 percent of the Fortune 100 companies, according to a Monday announcement.
