Fifth Third Bank To Offer Real-Time Person-to-Person Payments
Bank Joins ZelleSM Network to Help Consumers Make Safe, Fast and Simple Payments
CINCINNATI, OH., OCT 24th, 2016 – Fifth Third Bank announced today that it will join Early Warning’s ZelleSM Network to offer customers a safe, fast way to make person-to-person (P2P) payments. With ZelleSM, money can be sent by simply using the recipient’s mobile number or email address. Fifth Third customers will have access to real-time payments with ZelleSM in 2017.
ZelleSM is safer: Fifth Third customers will benefit from the convenience of real-time P2P payments and the security that banks provide their customers.
ZelleSM is fast: ZelleSM will enable Fifth Third customers to send and receive faster payments, with funds accessible by the recipient within minutes.
ZelleSM is simple: Fifth Third customers can use ZelleSM through their Fifth Third mobile banking app.
“Fifth Third is excited to offer additional services to our customers allowing them to make P2P payments that are simple, safe and received in real time,” said Greg Carmichael, CEO and president of Fifth Third Bancorp. “We are looking forward to working with Early Warning to offer ZelleSM and allow our customers to bank when they want and how they want.”
P2P payments are increasing, with a recent study showing a growth of 23 percent year-over- year.1 One of the biggest growth areas is for consumers ages 30 to 39.1
About 15 percent of consumers say they make P2P payments daily or weekly, according to a 2015 study on digital payments. But current products don’t allow immediate payments. More than half of consumers surveyed said they would use P2P more often if payments were immediate.2
“We looked at what our customers want. They want to make payments now; they don’t want to wait for them to process. They want it to be easy. And they want that same trust they have in their own bank,” said Larry McClanahan, Fifth Third’s director of digital delivery. “ZelleSM will give our customers a seamless experience.”
Accessing ZelleSM through Fifth Third is free and makes it easy to send money to a friend, whether to split the cost of dinner or pay the rent on an apartment.
“The addition of Fifth Third represents a significant milestone as Early Warning continues to expand the ZelleSM Network making faster, safer payments accessible to almost anyone nationwide,” said Paul Finch, chief executive officer for Early Warning. ”Fifth Third is a leader in innovation, and Earning Warning is pleased to work together to provide Fifth Third customers with access to faster P2P payments through ZelleSM.”
1According to a 2015 study by FindaBetterBank.com that surveyed 800 adults.
2According to a 2015 Accenture study that surveyed 4,000 adults in the U.S. and Canada.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $144 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth and Asset Management. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2016, had $305 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC, Equal Housing Lender
About Early Warning
Early Warning is creating the future of payments by delivering innovative payment and risk solutions to financial institutions nationwide. For over 25 years, Early Warning has been a leader in financial technology that protects and advances the financial system. Learn more at earlywarning.com.