Payment platform Nuvei Corporation has formed a partnership with Fifth Third Bank to bring real-time deposits to the US igaming and sports betting markets.
Evolving the payments process in online gambling in the US, the partnership ensures that instant payments via the Request for Payment feature are available on The Clearing House RTP network, unlike traditional deposits across the ACH Network payment system, which can take days to settle.
“This is a game-changer for merchants. Real-time deposits will revolutionize the way payment solutions are provided for online gaming operators, making expensive guaranteed payment options obsolete,” said Philip Fayer, Nuvei’s Chair and CEO.
“The rollout marks another step in our journey as our presence in the US sports wagering and iGaming industries expands and as our team continues to provide a range of leading payment solutions for players and merchants.”
Moreover, sports betting and igaming customers will be able to quickly deposit funds into their accounts. With in-play betting and instant betting during live sporting events coming to the fore in the US market, players are afforded the opportunity to quickly engage and use partnering sportsbooks easily.
“Through real-time payments, we extend our reach and help enable a consumer-focused, omnichannel experience,” said Bridgit Chayt, Senior Vice President, Head of Commercial payments and treasury management, Fifth Third Bank.
“We could not be more pleased about the strategic collaboration with Nuvei. Relationships that bring innovation and new possibilities to the market drive Fifth Third Bank’s customer-centric commitment.”
“The RTP network provides a platform for financial institutions, fintechs, and corporate users to create innovative new payment products for their customers,” said Steve Ledford, Senior Vice President of Product Strategy and Development, The Clearing House.
“Nuvei and Fifth Third’s real-time deposit offering is a great example of how the RTP network is helping to facilitate payments innovation.”