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.
Fifth Third Bank
Shandi Huber, 513-534-NEWS