- Whitney Ellis Whitney Ellis
Fifth Third Bank Signs Buffets, Inc. To Industry-Leading Solution
Fifth Third Bank has signed Buffets, Inc., a restaurant chain with more than 500 U.S. locations including Old Country Buffet®, HomeTown Buffet®, Ryan's® and Fire Mountain® brands, to use the Bank’s Remote Currency Manager solution.
"Fifth Third Bank’s Remote Currency Manager is ahead of the curve in both technology and processes," said Paul Holovnia, vice president of finance at Buffets, Inc. "This solution allows us to streamline and centralize our cash management throughout our 39-state area while receiving provisional credit for that day’s deposits."
Remote Currency Manager involves an automated “smart safe” that is located in a client’s retail establishment. Cashiers feed currency directly into the compact safe through a cash acceptor slot similar to those on vending machines. The device then verifies the authenticity of the currency, tabulates the deposit amount and electronically transmits the information to Fifth Third Bank. The cash is then transferred from the safe to the bank via armored courier on a regular, predetermined schedule.
The deposit activity is credited to the client’s account every business day. This ensures clients have access to funds even though the cash has yet to be removed from the safe and delivered to the bank. In addition, clients may monitor their smart safe activity, including deposit and change order detail, online through Web-based information reporting.
"We are excited Buffets, Inc. selected Remote Currency Manager to reengineer their cash collections process," said Marlene Lieberman, vice president and product executive for Emerging Payments in Fifth Third Bank's Commercial Treasury Management division. "Fifth Third Bank launched Remote Currency Manager last year as the first component of an innovative Receivables solution for cash, checks and cards designed to meet the needs of the Retail sector."
When the roll out is completed, Buffets, Inc. will be the largest user of the Bank’s Remote Currency Manager. Full implementation is expected by the end of 2008.
About Buffets, Inc.
Buffets, Inc. is the nation’s largest steak-buffet restaurant chain by number of units and the second largest restaurant company in the family dining segment by sales volume, Buffets, Inc. operates 558 restaurants under the Old Country Buffet®, HomeTown Buffet® Ryan's® and Fire Mountain® brands in 39 states, with system-wide sales of over $1.5 billion.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $115 billion in assets, operates 18 affiliates with 1,295 full-service Banking Centers, including 93 Bank Mart locations open seven days a week inside select grocery stores and 2,323 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2008, has $207 billion in assets under care, of which it managed $31 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB."