Fifth Third Bets on Gaming with Investment, Partnership
Fifth Third Bancorp is placing its bets on the newly merged gaming payments companies NRT Technology Corp. and Sightline Payments, announcing a strategic relationship and equity investment in NRT Sightline, “one of the largest pure-play casino payment-technology companies in the world.”
The agreement enables Fifth Third Bank to offer a comprehensive suite of treasury management and payments solutions to casino operators, including 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,” says Richard Arendale, managing director of gaming, lodging and leisure for Fifth Third.
The news came on the heels of the Sept. 20 NRT-Sightline merger announcement. 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.
Founder and CEO of Sightline Payments Kirk Sanford says the partners will be the first to offer enterprise wide omnichannel commerce experiences, including physical and digital mobility payments, cash-handling solutions, treasury management and banking services for casino operators.