Fifth Third to Manage Direct Express® Federal Benefits Program

US Treasury Department’s Bureau of the Fiscal Service Selects Bank

CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank, National Association, (Nasdaq: FITB) today announced it has been designated by the U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) as the new financial agent for the Direct Express® prepaid debit card program. The 5-year financial agency agreement begins on September 9, 2025.

Direct Express currently serves approximately 3.4 million Americans with a prepaid debit card to receive their monthly federal benefits. The majority of cardholders do not have a bank account and 57% have no other income beyond their government benefits.

“Direct Express plays a critical role in delivering federal benefits payments electronically, especially lifeline payments such as Social Security and Veterans benefits,” said Tim Gribben, Fiscal Service’s Commissioner.

Fiscal Service determined that Fifth Third has the vision and capability to expand the Direct Express program over the five-year term to deliver compelling mobile applications and digital options designed to provide frictionless value for millions of debit card recipients. This transition marks a step forward in the Fiscal Service’s mission to provide a modern, seamless and secure payment experience for federal benefit recipients.

With this agreement, Fifth Third will offer recipients more freedom and convenience to access federal benefits with new or enhanced solutions such as virtual cards, cardless ATM access, rent and other bill payment services, digital wallet integration and more.

“We’re proud to have been selected as the financial agent for the Direct Express program – a role that reflects our commitment to innovation and financial inclusion,” said Bridgit Chayt, head of Commercial Payments. “We’re focused on delivering secure, high-quality financial services that make banking more accessible for millions of Americans.”

Fifth Third will include Money Network Financial, LLC as the program manager. Mastercard® will remain as the program's payment network, a role it has played since the inception of Direct Express in 2008. Comerica will continue to service existing accounts until cardholders are reissued new cards by Fifth Third.

Direct Express offers a safer, more convenient and reliable solution when receiving federal benefits. As a prepaid account, it provides consumer protections available to prepaid account owners, including for fraud and loss. The debit card can be used online or at any retailer that accepts Mastercard.

Fifth Third is currently the sixth-largest Commercial Payments provider by revenue. The Bank processed $17 trillion in payments volume in 2024 and enjoys top five market share in six payment categories, including: second in coin and currency revenue and retail lockbox remittances, third in wholesale lockbox remittances and total ACH originations, and fifth in account reconciliations.*

Fifth Third’s Commercial Payments Services offer innovative products and solutions to help clients achieve financial goals better, faster and with more control and efficiency. Recent strategic acquisitions – including Big Data Healthcare, Rize Money, Inc. and DTS Connex – have expanded the Bank’s payment technology solutions in healthcare, embedded finance and cash logistics software.

Newline by Fifth Third, the Bank’s embedded finance business, delivers BIN sponsorship capabilities and a modern, API-based platform. These solutions enable enterprise clients to launch payment, card and deposit products directly with the Bank. Newline delivers modern technologies for a seamless embedding of financial services into client platforms and products, with the highest standards of performance, scalability and risk management. Newline has been selected by industry leaders, including Trustly and Stripe, to expand their financial services offerings across their platforms with these innovative solutions.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.

* 2023 Cash Management Services Survey administered by EY.