This article explains how Constrafor uses Stripe and Fifth Third bank to ensure payments are processed securely and reliably.
Ensuring your payments are processed securely, quickly, and reliably is a top priority at Constrafor. To achieve this, we rely on best-in-class financial technology partners. As explained in here, Stripe powers the secure processing of payments on our platform. To further enhance the banking infrastructure supporting these payments, Stripe has partnered with Fifth Third Bank.
Who is Fifth Third Bank?
Fifth Third Bancorp is a large, established financial services company headquartered in Cincinnati, Ohio. As one of the major U.S. regional banks, founded in 1858, they offer stability and operate under strict federal and state regulatory oversight (like from the Federal Reserve). Partnering with such a regulated institution brings inherent security and compliance benefits.
Stripe's Partnership with Fifth Third Bank
Constrafor uses Stripe for payment processing. To provide robust financial services (like the specialized accounts used for platforms like ours), Stripe works with partner banks. Stripe works with Evolve Bank & Trust to Fifth Third Bank.
This means that the underlying banking infrastructure supporting certain payment activities managed by Stripe for Constrafor now leverages the capabilities of Fifth Third Bank.
How Does This Partnership Benefit Constrafor Users?
Stripe's partnership with Fifth Third Bank provides several enhancements to the payment infrastructure that Constrafor utilizes. These improvements translate into a better experience for you:
- Extended Cutoff Times: Payments (like ACH or wires) initiated through Stripe from these Fifth Third-backed accounts often benefit from later cutoff times compared to the previous banking partner. This can mean more flexibility and potentially faster initiation of transfers within a business day.
- Faster Payout Speeds: Payouts processed by Stripe into these Fifth Third financial accounts can arrive faster than payouts directed to other external bank accounts or the previous partner bank accounts. While specific timing depends on the payment type, this infrastructure aims for greater speed.
- Enhanced Risk Management & Compliance: Leveraging Fifth Third's robust infrastructure adds another layer of sophisticated risk management controls and compliance oversight to the payment process handled by Stripe.
Your Security and Trust Remain Paramount
This transition by Stripe to Fifth Third Bank enhances the speed, efficiency, and compliance of the payment rails Constrafor uses.
Important Clarification: As a Constrafor user, you still do not need your own account with Fifth Third Bank. This partnership operates "behind the scenes" within the Stripe infrastructure that Constrafor employs. The benefit to you is a potentially faster and more reliable payment experience facilitated through Constrafor and Stripe.
Our use of industry leaders like Stripe, and their strategic partnerships with regulated institutions like Fifth Third Bank, are part of our commitment to providing a secure and efficient financial platform. This is further reinforced by Constrafor's own SOC 2 compliance, which independently validates our rigorous internal controls over security, confidentiality, and data protection.
By building on a foundation that includes trusted partners operating with enhanced banking infrastructure, Constrafor ensures a secure, reliable, and compliant environment for managing your construction finances.
For more details on Stripe, please visit Stripe’s safety information.