Nuvei Corporation, tomorrow’s payment platform, announces that it has joined with Fifth Third Bank, National Association, to bring real-time deposits to the U.S. sports betting and iGaming industries. In a first for the industry, the rollout, which will become available for all Nuvei partners through its open banking platform in North America, enables merchants to receive instant real-time deposits.
Unlike traditional deposits across the ACH Network payment system, which can take days to settle, 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. The “good funds” model reduces fraud, and lowers insufficient funds risk. Operators benefit from receiving a positive confirmation status to confirm successful deposits, improving market credibility and trust.
Additionally, real-time deposits are extremely advantageous for sports betting customers. As in-play betting occurs in real-time during live sporting events, players need to fund their gaming account instantly and safely. Available exclusively through Nuvei’s Instant Bank Transfer product, merchants can now benefit from both real-time deposits and instant withdrawals through the industry leading RTPⓇ network.
“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.”
“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.”