Fifth Third Launches New Payables Solution to Solve Clients’ Jobs to Be Done

Rhea-AI Summary

Fifth Third (NASDAQ:FITB) and Bottomline have launched Enhanced Payables, a new payables solution powered by Paymode-X. This offering aims to streamline payment processes, improve cash flow management, and boost operational efficiency.

Notable features include invoice automation, virtual card payments, and various ACH payment options. Bottomline data shows over 50% of businesses using Paymode-X cut processing costs by half, with 8 out of 10 increasing rebates on accounts payable by 50% or more.

The collaboration highlights Fifth Third's commitment to providing innovative business payment solutions.

Positive

• Launch of Enhanced Payables aims to streamline payment processes and improve efficiency.
• Customers can benefit from invoice automation, virtual card payments, and multiple ACH options.
• Bottomline data shows over 50% of businesses using Paymode-X cut processing costs by half.
• 8 out of 10 businesses increased rebates on accounts payable by 50% or more.
• Collaboration with Bottomline underscores a commitment to innovative business payment solutions.

Negative

• No specific financial benefits for Fifth Third or Bottomline are mentioned in the PR.
• The success of the new solution relies on adoption by current and new customers.
• Potential risk if the Paymode-X platform faces technical issues or security breaches.
• Operational efficiency improvements are based on Bottomline's data, which may not be universally applicable.

Enhanced Payables Powered by Paymode-X Maximizes Conversion to Digital Payments and Reduces Payables Costs While Optimizing Working Capital

CINCINNATI--(BUSINESS WIRE)-- 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.

View source 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

Source: Fifth Third

FAQ

What solution did Fifth Third launch to enhance payables?

Fifth Third launched Enhanced Payables powered by Paymode-X to streamline payment processes and improve operational efficiency.

How does Enhanced Payables benefit businesses?

Enhanced Payables helps businesses streamline payment processes, improve cash flow management, and optimize working capital.

What payment capabilities are included in Enhanced Payables?

Enhanced Payables includes invoice automation, virtual card payments, premium and standard ACH payments, check payments, and business-to-consumer payments.

What is the impact of Enhanced Payables on processing costs?

According to Bottomline data, over 50% of businesses using Paymode-X cut their processing costs by half.

How did businesses benefit in terms of rebates with Enhanced Payables?

8 out of 10 businesses increased their rebates earned on accounts payable spend by 50% or more using Enhanced Payables.