A partnership between Mazooma, the gaming industry leader for bank account-based payments, and Fifth Third Bank, N.A. is bringing real-time withdrawals to sports wagering and iGaming industries through the RTP® network from The Clearing House.
The offering, now live for all of Mazooma's operators, enables players to receive payouts immediately into their bank accounts, safely and securely, 24/7/365.
Immediate payouts are a win-win for both players and operators. Players enjoy peace of mind with the option to access their winnings instantly. For the gaming operator, real-time withdrawals offer a better user experience than any other payment method available. These transactions are fully authenticated through Plaid's user-initiated bank account verification and undergo rigorous risk management checks by Mazooma. In addition, all transactions are good funds, irrevocable, and offer positive confirmation of payment status, building market credibility and trust.
"This is an exciting time for Mazooma. Last week, Nuvei Corporation announced the agreement to acquire Mazooma. This week, we are thrilled to offer the ability to process real-time payments," said Dave Roe, Chief Operating Officer of Mazooma. "Together with Plaid's seamless account verification, these innovative improvements offer the best player experience in the market. Having Fifth Third and The Clearing House participate in the journey to real-time payments is a game-changer."
"The sports wagering and iGaming industries are strategic growth markets, and we are excited to participate in this innovative product launch," said Josh Dunaway, vice president and treasury management officer at Fifth Third. "Through integrated payments, we extend our reach and help enable a consumer-focused omnichannel experience. We could not be more pleased about the strategic relationship with Mazooma and The Clearing House and its benefit to the online gaming industry."
"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. "Mazooma and Fifth Third's instant payout offering is a great example of how the RTP network is facilitating payments innovation."
Real-time withdrawals are available to operators through Mazooma's Instant Bank Transfer product, and this is just the beginning. Soon, the imminent launch of real-time deposits promises to set a new industry bar for seamless payments in the sports wagering and iGaming industries.