What We Buy
Enrollment to 53Connect is required before any payments to suppliers can be made. Suppliers are not charged a fee for participation in 53Connect. More than just a "procure-to-pay" system, 53Connect includes a variety of features, tools and systems:
- Cloud-based supplier portal
- Contracts repository
- Purchase order and invoicing tools
- Performance management scorecards
- Vendor risk management
What is 53Connect?
53Connect is the Bank's new supplier management system which will streamline procurement operations and help us manage our supplier relationships more efficiently. It includes a set of new tools and enhanced processes – some of which is replacing current systems and some of which is new to the Bank. These tools, from a company called Proactis, will be the basis of the Bank's new procure to pay ("P2P") and vendor risk management systems.
53Connect will be rolled out in stages throughout this year. It is important enroll in 53Connect and watch for communications through the portal for updates and news.
53 Connect FAQS
Are suppliers required to enroll in 53Connect?
- Yes. 53Connect is the Bank's supplier system of record and enrollment will be required before any payments to suppliers can be made.
Are suppliers charged a fee to enroll in 53Connect?
- No. This is an investment the Bank has made to strengthen and enhance our supplier relationship management. There are no fees to the supplier to participate in any part of 53Connect.
Can a supplier get paid the same day they enroll in 53Connect?
- No. Suppliers who are approved and then fully enrolled in 53Connect get uploaded into GEAC nightly and they are available in GEAC for payment on the day following approval.
What suppliers do to prepare for the P2P phase of 53Connect
- Review the current supplier manual and watch for updates as new information about working within 53Connect becomes available.
- Request a Purchase Order from your point of contact at the Bank before you start work or deliver any goods.
- Work with Strategic Sourcing and your Bank points of contact to ensure all current contracts are available in the Bank's contract repository.
How can I learn more about 53Connect?
- If you have any questions about 53Connect, please contact Fifth Third Strategic Sourcing Shared Services at 53Connect@53.com or 866-673-2875, Monday through Friday, 7 a.m. to 4:30 p.m., ET.
For more information, contact:
Stephanie A. Smith
V.P. & Director of Supplier Diversity and Inclusion
38 Fountain Square Plaza
Cincinnati, Ohio 45263