More NewsFifth Third Bank Launches Enhanced Payment Solutions

Fifth Third Bank Launches Enhanced Payment Solutions

Fifth Third Bank announced key enhancements to its electronic accounts payable offering, Card Payables, for commercial card customers. Card Payables enables the US bank’s customers to streamline accounts payable processes, improve reporting capabilities, enable easier and faster payments to their vendors, and reduce the amount of cheques being issued by the customer.

The bank added that through the new enhancements, customers will gain additional benefits through the use of fixed virtual card numbers (VCN) and buyer initiated push payments to suppliers.

“Our payment solutions help customers improve cash flow and gain greater control of their cash position,” said Jeff Siekman, senior vice president and director of wholesale bank strategic initiatives for Fifth Third. “These offerings provide businesses with greater flexibility in how they pay suppliers and help to convert paper check-based payment methods to a more streamlined, electronic programme.”

Customers can initiate payments in real-time or through batch processing through four flexible options, each of which provides different benefits based on the customer’s needs.

Online, real-time payables are convenient for lower volumes of payables and are made to individual vendors. Batch payables allows automated payments for high volume payables to multiple vendors at the same time and can be fully integrated into customers’ enterprise resource planning (ERP) systems.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

2m The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

5m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

6m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

6m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

6m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

6m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

6m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha