Mazooma and Fifth Third Bank are the First to Bring Instant Withdrawals to the $150B+ U.S. Sports Wagering and iGaming Markets
iGaming and sports wagering players can now withdraw funds to their bank accounts instantly through the RTP® network from The Clearing House
TORONTO and CINCINNATI, April 27, 2021 /PRNewswire/ - 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.
About Mazooma
Mazooma is a global payments technology company on a mission to simplify payments. As a leading solution in both sports wagering and iGaming, our patented technology can be found on the cashier of sports wagering and iGaming operators in the U.S. Offering a best-in-class experience, seamless integration, and secure bank connections, Mazooma creates raving fans of both merchants and consumers. Headquartered in Toronto, Canada, the company is trusted by industry-leading brands such as DraftKings, BetMGM, theScore, and PartyPoker. Mazooma has recently entered into a definitive agreement to be acquired by Nuvei Corporation, subject to approval by the Toronto Stock Exchange. To learn more, visit mazooma.com.
About Fifth Third Bank
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 Mar. 31, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs with Fifth Third branding 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 53,000 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 Mar. 31, 2021, had $464 billion in assets under care, of which it managed $58 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.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.
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. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with 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.
SOURCE Mazooma
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