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Fifth Third chooses FIS for real-time payments

FIS has announced that Fifth Third Bank has selected the processor to enable real-time payments for its customers through The Clearing House's RTP, a real-time payments system, according to a press release.

The bank is expected to go live with RTP in early 2018. The system will enable consumers and businesses in the U.S. to send and receive payments instantly, according to the press release.

"RTP promises to fundamentally transform the payments landscape in the U.S," Anthony Jabbour, chief operating officer of FIS, said in the press release. "We are excited to be working with TCH and our banking clients to realize the benefits of this breakthrough new system."

In early 2017, FIS launched its Real-Time Payments Incubator service, aimed at helping U.S. financial institutions accelerate the path to real-time payments by lowering their cost of entry for connecting to The Clearing House RTP.

"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 U.S.," said Russ Waterhouse, executive vice president of product development and strategy at The Clearing House. "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."