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.”