News

FIS helps Fifth Third accelerate timeline to real-time payments

December 8, 2017

Fifth Third Bank has tapped payment technology provider FIS to enable real-time payments through The Clearing House RTP, a real-time payments system.

The bank expects to go live with RTP in early 2018, allowing consumers and businesses in the United States to send and receive payments instantly, according to an FIS press release.

Earlier this year, FIS launched the Real-Time Payments Incubator, a service designed to help U.S. financial institutions accelerate their transition to real-time payments by lowering the cost of entry to The Clearing House RTP system, the release said.

Russ Waterhouse, executive vice president of product development and strategy at The Clearing House called FIS "a key partner" in bringing ubiquitous real-time payments to the U.S.

"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," he said in the release.

FIS has released its fourth annual Flavors of Fast report, which tracks real-time payments programs around the world.