Fifth Third Bank has announced a collaboration between its embedded payments provider, Newline, and Stripe, a financial infrastructure platform. This partnership aims to expand embedded financial services for Stripe's platform users and their consumers. Stripe Treasury will be powered by Newline in 2024, which will allow software platforms to provide their consumers with embedded financial accounts. Newline by Fifth Third is an API platform that enables enterprises to directly launch and scale payment, card, and deposit products with Fifth Third Bank. The necessity of intuitive, digital financial services integrated into daily-use software platforms was underscored by a survey conducted by Stripe, which revealed that 46% of businesses have reported that traditional financial experiences have impeded their growth.
Tom Bianco, General Manager of Newline by Fifth Third, emphasized “the alignment between our organizations,” noting the high standards both companies set for delivering services to their customers. Annually, Fifth Third's commercial payments division processes $17 trillion in payment volume and provides services to 25% of the Fortune 100. The bank has a long history of innovation, dating back to 1858, and continues to explore the intersection of tech-driven innovation and community impact. This collaboration with Stripe further enhances Stripe’s ability to deliver compliant embedded money movement solutions, benefiting platform clients and end users alike.
