An Industry First: Nuvei Brings Real-Time Deposits to U.S. iGaming

Rhea-AI Summary

Nuvei Corporation (Nasdaq: NVEI) announces a partnership with Fifth Third Bank to introduce real-time deposits for U.S. iGaming and sports betting operators. This innovative solution enables merchants to receive instant deposits, leveraging the RTP® network, and significantly reduces fraud risks and insufficient funds issues. The service enhances customer experience, particularly for in-play betting, aligning with Nuvei’s expansion in the U.S. market. CEO Philip Fayer emphasizes this rollout as a transformative shift in payment solutions, enhancing market credibility.

Positive

• Introduction of real-time deposits enhances transaction speed and security for U.S. iGaming operators.
• The partnership with Fifth Third Bank expands Nuvei's position in the growing U.S. sports wagering market.
• Real-time deposits improve market credibility and trust, benefiting both operators and customers.

Negative

• None.

U.S. iGaming operators and online sportsbooks can now receive instant deposits through Nuvei Instant Bank Transfer

MONTREAL, May 03, 2022 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), tomorrow’s payment platform, announces today 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.”

About Nuvei

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is tomorrow’s payment platform. Designed to accelerate customers’ business, Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 550 alternative payment methods, including cryptocurrencies, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit www.nuvei.com.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the Company had $211 billion in assets and operates 1,079 full-service Banking Centers, and 2,201 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 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 March 31, 2022, had $549 billion in assets under care, of which it managed $61 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.”

About The Clearing House

The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. In 2017, The Clearing House revolutionized U.S. payments by introducing the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org

FAQ

What is Nuvei's new real-time deposit service for U.S. iGaming operators?

Nuvei has launched a real-time deposit service in partnership with Fifth Third Bank, allowing U.S. iGaming and sports betting operators to receive instant deposits.

How does Nuvei's Instant Bank Transfer improve online gaming transactions?

Nuvei's Instant Bank Transfer allows for real-time deposits, reducing settlement times from days to immediate transfers, enhancing customer experience.

What role does Fifth Third Bank play in Nuvei's new payment solution?

Fifth Third Bank collaborates with Nuvei to provide the infrastructure necessary for the new real-time deposit service.

How does real-time deposit service benefit sports betting customers?

It enables players to fund their gaming accounts instantly and safely, crucial for in-play betting during live events.

What technology underpins Nuvei's real-time deposit solution?

The service uses the RTP® network, which facilitates immediate clearing and settlement of payments.