Fifth Third Bank has selected FIS as technology provider to enable real-time payments for its clients.
As technology partner, FIS will connect Fifth Third Bank to The Clearing House’s real-time payments system, RTP.
FIS connects banks to RTP through its Real-Time Payments Incubator service, which was launched in early 2017. The service provides centralised processing of real-time payments along with administration, standard interfaces to bank applications, automated service level support, besides continuous management of new releases and functionality.
Fifth Third Bank is slated to go live with RTP in early 2018 that will enable its consumers and businesses in the US to send and receive payments in real time.
FIS chief operating officer Anthony Jabbour said: “RTP promises to fundamentally transform the payments landscape in the US. We are excited to be working with TCH and our banking clients to realise the benefits of this breakthrough new system.”
The Clearing House executive vice president of product development and strategy Russ Waterhouse said: “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.
“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.”