CINCINNATI – More than half of business-to-business payments are still made by check. According to one study, the average amount per payment and manual invoice is just $22.1
Sibcy Cline, the largest real estate broker in Southwest Ohio, including Cincinnati and Dayton, Northern Kentucky and Southeastern Indiana, will reduce that kind of inefficiency by implementing Fifth Third Expert AP. Powered by the Mastercard B2B Hub with AvidXchange, the solution is an end-to-end automated platform that converts payable processes traditionally done by paper into electronic transactions.
“We’ve had a great relationship with Fifth Third. When the team came to us with Fifth Third Expert AP, we were very excited about a paperless workflow and storage for our accounts-payable process,” said Lisa Lakeman, chief financial officer at Sibcy Cline. “The platform will save us time and money from the processing and mailing costs associated with paying bills by check.”
Fifth Third in October became the first bank to join the Mastercard B2B Hub with AvidXchange.
“Fifth Third Expert AP represents a dynamic shift in how Fifth Third can help clients make it easier to run their business,” said Jed Scala, executive vice president and head of Payments and Commerce Solutions for Fifth Third Bank. “By using Expert AP, Sibcy Cline will have greater visibility, efficiency and control over the accounts payable process, while contributing to the overall success of their business.”
Key features of Fifth Third Expert AP include:
- Electronic invoice capture. A centralized location receives both paper and electronic invoices.
- Invoice approval workflow. A robust and customizable workflow to streamline the approval process.
- Payment simplification. In a single file, a client can send all domestic payments that will be processed as virtual card, enhanced ACH or check.
- Direct supplier engagement. Fifth Third Expert AP identifies and stores preferred payment methods for all suppliers.
- ERP connectivity. Accounts payable workflow-automation technology is integrated with current accounting/ERP systems.
For more information about Fifth Third Expert AP, visit online.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had $142 billion in assets and operated 1,153 full-service Banking Centers and 2,459 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.
AvidXchange™ revolutionizes the way companies pay their bills. Serving more than 5,500 clients throughout North America, AvidXchange is an industry leader in automating invoice and payment processes for midmarket companies spanning multiple industries including Real Estate, Financial Services, Construction, Health and Human Resources, and Hospitality. AvidXchange has been recognized as the top software company in North Carolina by the North Carolina Technology Association, one of the 50 fastest-growing private companies in the Charlotte area for six consecutive years, ranked among Deloitte’s Fast 500 this past year, and was recently named the top 100 technology companies in North America by Red Herring. In the midst of record growth, AvidXchange has remained true to its most valued competitive advantage—its people. AvidXchange has been recognized as one of the Best Places to Work in Charlotte for eight consecutive years. For more information, contact us at 800.560.9305 or info@AvidXchange.com.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.