The digitization of banking, regulatory changes, and the rising demand for more innovative financial services has spurred a change in the banking industry. These pressures, along with COVID-19, have highlighted the opportunities that banks have to reimagine how they service their customers. Mutually beneficial collaboration between fintechs and banks help bring new services to consumers, empower their data ownership, and create long-term value.
Collaboration in Action: Open Banking
In order to provide a broader range of possibilities to their clients, banks are welcoming new opportunities and building out partnerships with fintechs to create platforms that embrace Open Banking. Open Banking allows third-party providers to access consumer accounts, transactions, and financial data via application programming interfaces (APIs).
Open Banking allows banks to prioritize their customers by giving consumers ownership and control of their financial data, improve their financial wellness, and provide consumers with the autonomy to pick and choose third-parties that meet their financial needs. Use cases for Open Banking include personal finance management, payments, investing and trading, instant credit risk, and more.
The Power of Partnership: Trustly and Fifth Third Bank
Trustly, the global leader in Online Banking Payments is proud to announce a partnership with Fifth Third Bank. This strategic partnership will drive forward the Open Banking ecosystem and the future of payments and financial access. Trustly’s Open Banking solutions will be the connective tissue between Fifth Third Bank and the world’s most prominent merchants—allowing consumers to pay directly from the bank accounts.
“As an Originating Depository Financial Institution (ODFI) for Trustly, Fifth Third Bank can better serve consumers by providing them with additional control over their data and expanding their secure access to financial services and tools,” says Bridgit Chayt, Head of Commercial Payments and Treasury Management at Fifth Third Bank.
Trustly is committed to making Open Banking more accessible to the consumer. We do that by letting consumers pay merchants directly from the bank accounts. We handle the entire payment journey, enabling us to offer an attractive alternative to the traditional card networks at a lower cost. However, our mission could not be realized without symbiotic relationships, like our partnership with Fifth Third Bank.
“We’re excited to work with Third Fifth Bank, one of the largest and most successful financial institutions in the country,” says Craig McDonald, CBO from Trustly. “This partnership means even more consumers can harness the power of Open Banking Payments and gain access to additional data governance and financial tools. ”
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