DTE Energy Signs with Fifth Third Bank’s Highly Accurate Product
Fifth Third Bank recently signed DTE Energy, a Detroit-based diversified energy company, to bring the Bank’s retail lockbox product to DTE Energy customers. Once implemented, the retail lockbox will oversee more than 1.4 million DTE Energy customer payments a month.
“We believe that choosing Fifth Third Bank was the most effective and efficient way to process our customer payments,” said David Murphy, DTE Energy assistant treasurer. ”We expect that Fifth Third Bank’s processing accuracy and timely application of our customer payments will support our company’s customer service goals.”
The Bank’s imaging platform, unique zip codes for expedited mail handling and multiple daily mail pickups provide a flexible, low-cost efficient method for payment processing. Accuracy is one of the keys to the success of the product, as the two Fifth Third Bank retail lockbox facilities maintain an exceptional accuracy rate for processing transactions. “DTE Energy’s service to the people in the Detroit area is highly regarded,” said Michael Blackburn, vice president and commercial relationship manager with Fifth Third Bank. “The Bank’s retail lockbox product will support DTE’s customer service goals.” With the addition of DTE Energy, Fifth Third Bank services 190 lockboxes overseeing more than 7.7 million transactions a month. The initial phase of the DTE Energy lockbox began in mid-October, with full implementation by the end of 2008.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its largest operating units are Detroit Edison, an electric utility serving 2.2 million customers in Southeastern Michigan, and MichCon, a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio of businesses also includes non-utility energy businesses focused on power and industrial projects, coal and gas midstream, unconventional gas production and energy trading. In 2006, DTE Energy posted revenues of approximately $9 billion. Information about DTE Energy is available at www.dteenergy.com.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 18 affiliates with 1,298 full-service Banking Centers, including 93 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,329 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 September 30, 2008, has $196 billion in assets under care, of which it managed $30 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB."