Open Banking payment provider Trustly has embarked on a new collaborative agreement with Fifth Third Bank to provide real-time payment rails to its embedded finance platform Newline.
Trustly and Newline will look to 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 parties will first collaborate on deposits and withdrawals via ACH and RTP.
Eric Foust, VP of Banking Partnerships at Trustly, said: “We’re thrilled to collaborate with Newline to further enhance the payment experience for our customers.
“This strategic agreement reflects our shared dedication to delivering frictionless, secure, and innovative financial solutions. Together, we’ll continue to focus on producing user-centric banking experiences and raising the standard for digital payments.”
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 a seamless and reliable payment experience.
Fifth Third’s commercial payments business currently processes $17trn in annual payments volume, serving 25% of the Fortune 100.
The US bank has a track record in delivering payment strategies and scalable technology solutions for businesses worldwide, working with some of the earliest e-commerce companies. Tom Bianco, General Manager of Newline by Fifth Third, added: “The Trustly team are pioneers in the payments industry and innovators in the pay-by-bank space. Our collaboration thrives because of our mutual commitment to cutting edge leadership. We look forward to shaping the future of payments together.”
