Fifth Third Announces Strategic Agreement with Merging NRT Technology, Sightline Payments
CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp (NASDAQ: FITB) announced today a strategic relationship and equity investment with NRT Technology Corp. (NRT) and Sightline Payments.
The agreement enables Fifth Third Bank to offer a comprehensive suite of treasury management and payments solutions for casino operators. The full product set for casino operators will include cash access, kiosks, information services, cashless gaming, traditional banking services and more.
“NRT and Sightline offer complementary solutions to what we currently provide, but this agreement allows us to combine forces and elevate the quality of treasury management and payment solutions available to the gaming industry,” said Richard Arendale, managing director of gaming, lodging and leisure for Fifth Third. “This relationship will enable Fifth Third to further enhance the client experience by delivering a holistic end-to-end service.”
This follows an announcement earlier today from NRT and Sightline that the two companies will merge to create NRT Tech, one of the largest pure-play casino payment-technology companies in the world. Fifth Third Capital Holdings, LLC, the direct equity investment subsidiary of Fifth Third Bancorp, will make an equity investment in the resulting merged company’s subsidiary, NRT Technology Corp.
“As part of our NorthStar strategy, we are focused on driving growth through product innovation,” said Tim Spence, chief strategy officer of Fifth Third. “We see this relationship as enabling our gaming clients to improve significantly the visibility and control they have over optimizing working capital.”
The merged NRT Tech will offer a unique range of solutions for the payment needs of clients across the gaming industry. With the added layer of Fifth Third treasury management and payment solutions, the products will address all areas of the guest and operator experience.
“The future of NRT Tech is brighter than ever before because of the relationship with Fifth Third, who understood our value and the technology roadmap these two companies bring to the table. Land-based and online casinos will prosper with us as their technology partner. We have the people, technology and customer base to lead us into the next evolution of the gaming experience,” said John Dominelli, president and founder of NRT.
“What an amazing opportunity we have with Fifth Third to serve the gaming industry together. We will be the first to offer enterprise wide omni-channel commerce experiences, including both physical and digital mobility payments, cash-handling solutions, treasury management, and banking services,” said Kirk Sanford, founder and CEO of Sightline Payments. “What’s impressed me the most about Fifth Third is the executive leadership team and the culture, values, commitment to customers, and a willingness to blaze new trails with technology that so much mirrors our own.”
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of June 30, 2017, the Company had $141 billion in assets and operated 1,157 full-service Banking Centers and 2,461 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 45,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2017, had $330 billion in assets under care, of which it managed $34 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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 NRT Tech:
NRT Tech™ is a global leader in the design and development of enterprise platforms for the casino industry. Every year we enable more than 1 billion physical and digital commerce experiences at over 600 casino properties worldwide. By seamlessly combining technological innovation with strategic partnerships, we create the most convenient, reliable, and secure omni-channel payment ecosystem for casino operators and their guests. NRT Tech has been recognized with numerous industry awards, including the coveted “Most Innovative Gaming Technology Product of the Year” for our Play+™ cloud-based cashless funding platform. Our solutions are used by casinos, lotteries, race and sports, banking & retailers around the world. We operate across 7 countries and have corporate offices in Las Vegas, Toronto, Macau, and Singapore.