The Benefits of Reinventing Your Payments Processes

Fifth Third Bank

 

Re-engineering your payments process can deliver substantial benefits. Migrating to an electronic payment solution can eliminate the bulk of paper processing and drive much needed automation. Cutting-edge solutions, such as Fifth Third Bank’s Expert AP, can deliver tremendous treasury efficiency and dramatically improve payments processes.

Advanced electronic payment solutions offer a wealth of benefits, including:  

  • Electronic invoice capture and AP workflow automation technology simplifies the AP process.
  • Elimination of cumbersome paper invoices and checks streamline payables processing and reconciliation.
  • Facilitates 100% of all domestic supplier payments across Virtual Card, Enhanced ACH, and Outsourced Check.
  • Virtual card and enhanced ACH payment options include enriched remittance data.
  • Conveniently connects to corporate accounting/ERP system of buyers to receive information on all approved invoices from suppliers.
  • Buyer and supplier portal provides visibility to payments and associated data.
  • Helps reduces risk of fraud.
  • Generates higher levels of liquidity for buyers by encouraging suppliers to use a commercial card option or an interchanged-based ACH offering that captures a revenue stream back to the business.
  • Eliminates friction between buyers and suppliers, simplifying supplier relationships.
  • Electronification of paper, making access to archived documents easier during inquiries and audits and for compliance.
  • Allows treasury to look back at historical performance over time to better manage cash in the future.
     

Working with a trusted banking partner is crucial in order to put the right electronic payment solution in place. Fifth Third’s Expert AP offers treasury an opportunity to transform payables processes and take advantage of the latest technology available.