Fifth Third enhances its Momentum Banking platform

Fifth Third Bank announced the addition of Early Pay for federal tax refunds through its Fifth Third Momentum Checking digital banking platform as part of the bank’s ongoing tech modernization initiatives. Web- and mobile-based Momentum Checking, which launched in 2021 and has more than 1 million customers, offers quick access to cash, avoidance of overdraft fees and financial management, according to a Fifth Third release. Early Pay initially offered customers access to their paychecks up to two days earlier and will offer access to tax refunds up to five days early starting at the end of January, according to the release. “Nearly 30% of Americans will rely on their tax refunds to make ends meet. Fifth Third wants to ensure its customers have access to their own money as soon as possible to pay bills on time and meet their everyday needs,” Ben Mendolsohn, director of product management at Fifth Third, told Bank Automation News. [caption id="attachment_57365596" align="aligncenter" width="1200"] Photo courtesy of Fifth Third [/caption] Through the Cincinnati-based bank’s platform, when customers are filing their taxes, clients can select that they want their refund directly deposited to their Momentum Checking account, Mendolsohn said, noting, in-house “we’ve developed a proprietary capability Early Pay and continue to expand on it with this recent innovation.” In the fourth quarter of 2022 , the bank’s technology and communications spend increased 8% YoY to $111 million as it prioritized its digital efforts including the investment in Momentum Banking, Fifth Third Chief Executive Tim Spence said during the bank’s Q4 earnings call. The early tax refund trend follows the 2021 launch of Tax Refund Unlock which was created by three fintechs: Atomic , Klover and Column Tax . Fifth Third's Chief Information Officer Jude Schramm will speak at the Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, N.C. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1674836662595.1674839956964.766&__hssc=41615677.23.1674839956964&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1674836662595.1674839956964.766&__hssc=41615677.23.1674839956964&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

Fifth Third enhances its Momentum Banking platform

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Fifth Third enhances its Momentum Banking platform

The bank’s Early Pay capabilities now issue early tax refunds

Upstart launches digital finance, online sales

Santander launches multinational BNPL product

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