Fifth Third Launches New Payables Solution to Solve Clients’ Jobs to Be Done
14 5월 2024 - 9:00PM
Business Wire
Enhanced Payables Powered by Paymode-X
Maximizes Conversion to Digital Payments and Reduces Payables Costs
While Optimizing Working Capital
Fifth Third (NASDAQ:FITB) and Bottomline announced the launch of
Enhanced Payables powered by Bottomline and its business payments
network, Paymode-X. The solution combines the capabilities of
Bottomline’s industry-leading business payments technology with
Fifth Third’s extensive banking services to provide customers with
a comprehensive suite of payment options.
With this new offering, customers can streamline their payment
processes, improve cash flow management, and enhance overall
operational efficiency. Bottomline data suggests that over 50% of
businesses using the network have cut their processing costs in
half, and 8 out of 10 have increased their rebates earned on
accounts payable spend by 50% or more.
“Together, we are empowering businesses to optimize their
payment workflows and drive greater efficiency in their
operations,” said Bridgit Chayt, head of commercial payments and
treasury management at Fifth Third. “This collaboration underscores
our commitment to delivering innovative business payment solutions
that meet the evolving needs of our customers.”
Through this relationship, customers can access a wide range of
payment capabilities, including invoice automation, virtual card
payments, premium Automated Clearing House payments, ACH payments,
check payments, and business-to-consumer payments. This
comprehensive offering gives customers the flexibility and
convenience they need to succeed in today’s fast-paced business
environment.
“We are excited to add Enhanced Payables powered by Paymode-X to
our Managed Payables product portfolio. We believe our role with
customers is to help them achieve efficiency within their payables
operations by partnering to take on their Accounts Payable Jobs to
Be Done,” said Adam Keck, director of managed services for Fifth
Third. “In order to do this effectively, we pride ourselves in
taking a consultative approach to payables optimization.”
“Efficiency in accounts payable starts with modernizing how
businesses pay and get paid,” said Jeff Feuerstein, senior vice
president, commercial and payment product management for Paymode-X.
“Our partnership with Fifth Third makes the work of accounts
payables more modern, driving efficiency through automation and
offering the business payments and supplier scale that comes with
the Paymode-X network.”
Enhanced Payables powered by Paymode-X is now available to
customers, offering a seamless payment experience that drives
efficiency and enhances productivity. For more information, see
www.53.com.
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.
About Bottomline
Bottomline helps businesses transform the way they pay and get
paid. A global leader in business payments and cash management,
Bottomline’s secure, comprehensive solutions modernize payments for
businesses and financial institutions globally. With over 30 years
of experience, moving more than $10 trillion in payments annually,
Bottomline is committed to driving impactful results for customers
by reimagining business payments and delivering solutions that add
to the bottom line. Bottomline is a portfolio company of Thoma
Bravo, one of the largest software private equity firms in the
world, with more than $130 billion in assets under management. For
more information visit www.bottomline.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240514192647/en/
Adrienne Gutbier (Media Relations) May 14, 2024
adrienne.gutbier@53.com | 513-534-8038
Matt Curoe (Investor Relations) matt.curoe@53.com |
513-534-2345
Fifth Third Bancorp (NASDAQ:FITB)
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