Fifth Third Bank Signs Referral Agreement with Open Solutions Inc. to Fifth Third Network Product
Network is one-stop shop for image clearing for correspondent banks and credit unions
Fifth Third Bank recently signed a referral agreement with Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial services providers throughout North America and other international markets, to use the Fifth Third Network for its U.S. bank and credit union clients.
The Fifth Third Network provides a low-cost option for correspondent banks and credit unions to exchange check images while helping to improve funds availability. Providing member institutions with electronic files of their own checks gives members better access to major clearinghouses.
“We’re pleased to extend our relationship with Open Solutions and are sure their clients will benefit from the network’s extensive capabilities,” said Jeff Ficke, senior vice president and Director of Treasury Management at Fifth Third Bank. “Fifth Third Bank has always been in the correspondent cash letter business and is an early adopter of image technology, and our clients have truly benefitted from these services.”
Since 2007, the Fifth Third Network has provided more than 1,800 correspondent banks and credit unions the ability to clear and settle check transactions by sending and receiving paper or image cash letters from other banks within the network.
“Because institutions are doing more with less, we understand how important it is for our clients to work as efficiently as possible,” said David Mitchell, Open Solutions’ senior vice president and chief marketing officer. “Our agreement with Fifth Third Bank in utilizing the Fifth Third Network will enable our clients to tap into Fifth Third Bank’s connections and take advantage of some of the best technology available today. We feel confident that our clients will benefit greatly from our shared resources.”
The past five years has seen the banking industry and check clearing strategies change at an increasing rate. Today, the Fifth Third Network clears more than 33.5 million check images a month and receives more than 18 million check images each month for its members.
The Fifth Third Network services consist of electronic cash letter, inclearing and archive services. For more information about the Fifth Third Network, contact Rodger Clements at (614) 744-7778.
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications built on a single centralized Oracle® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, electronic document management, Check 21 solutions, wealth management, interactive voice response, technology services, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $113 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,359 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2010, had $190 billion in assets under care, of which it managed $25 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® National Global Select Market under the symbol "FITB." Fifth Third Bank, Member FDIC.