Fifth Third and MasterCard to Provide Corporate Purchasing Solution
Fifth Third Bank and MasterCard Worldwide, a global payments solutions provider, has launched a solution that will enhance corporate purchasing for Fifth Third’s commercial clients. Fifth Third Bank will use MasterCard’s inControl service to offer MasterCard Purchase Control, a tool that provides control and flexibility in payments management.
With Purchase Control, Fifth Third Bank will offer corporate clients enhanced global controls and increased transaction security that combines an integrated pre-approval process with secure virtual account numbers. Also, the integration of the Purchase Control application into existing corporate financial infrastructures will enable improved transparency through spend controls, comprehensive administrative tools, as well as enhanced transaction reporting and reconciliation capabilities that may reduce supplier misuse and the risk of card fraud.
“Against the backdrop of an economy where corporations are seeking to find the best ways to efficiently track their spending while ensuring transparency, security and compliance, MasterCard’s Purchase Control is the application that our commercial clients are looking for,” said Jeff Ficke, senior vice president, director of treasury management, Fifth Third Bank. “This product will allow our commercial clients enhanced transaction control and security with minimal investment and IT support required.”