Fifth Third Announces Strategic Agreement with Merging NRT Technology, Sightline Payments
September 20 2017 - 4:04PM
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
Sightline, 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 Sightline 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 Sightline 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 Sightline:
NRT Sightline™ 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
Sightline 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.
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Fifth Third BankShandi Huber, 513-534-NEWS
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