Nuvei Corporation, or "Nuvei", announced today that it has joined with Fifth Third Bank to bring real-time deposits to U.S. sports betting and iGaming industries. This is possible through an open-banking platform in North America offered by Nuvei.
From there, merchants that are partnered with Nuvei will have access to receive instant real-time deposits. The process works differently than traditional deposits across the ACH Network payment system. This format usually takes days before settling into another account.
Real-time deposits move from a player’s bank account to a merchant’s bank account by leveraging the Request for Payment feature available on the RTPⓇ network, the real-time payments network from The Clearing House.
Philip Fayer, Nuvei’s Chair and CEO, said: "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."
He continued: "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."
Through Nuvei’s Instant Bank Transfer product, merchants can access both real-time deposits and instant withdrawals. Sports betting will also have access to the platform allowing players to fund their accounts instantly.
Bridgit Chayt said: "Through real-time payments, we extend our reach and help enable a consumer-focused, omnichannel experience." Chayt is the Senior Vice President, Head of Commercial Payments and Treasury Management, at Fifth Third Bank.
She went on to say: "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."
Steve Ledford commented: "The RTP network provides a platform for financial institutions, fintechs, and corporate users to create innovative new payment products for their customers. Nuvei and Fifth Third’s real-time deposit offering is a great example of how the RTP network is helping to facilitate payments innovation."
Ledford is the Senior Vice President of Product Strategy and Development, for The Clearing House.
