Stripe has partnered with Fifth Third Bank to offer embedded financial accounts to its client base.
The multinational financial services and software platform has agreed to collaborate with Fifth Third Bank’s Newline, an API platform that allows enterprises to launch and scale payment, card and deposit products directly with Fifth Third Bank.
The partnership with the embedded payment service aims to simplify money movement for Stripe’s customer base to offer embedded, compliant financial services to their own business customers.
Fifth Third Bank, the principal subsidiary of Fifth Third Bancorp, is a bank holding company headquartered in Cincinnati, Ohio.
Fifth Third’s commercial payments business currently processes $17 trillion in annual payments volume.
Tom Bianco, general manager of Newline highlighted how the partnership aims to further enable Stripe’s delivery of “innovative” solutions for its customers.
Stripe recently released a survey showing that about 46 per cent of companies surveyed considered traditional financial experiences to be a an obstacle to their growth, and that they were looking to incorporate integrated digital services into the platforms they use on a daily basis.
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