Contact: Barbara Grimsley - (513) 534-6791
Fifth Third Bank Launches New Remote Capture Lockbox Strategy
Treasury Management Solution Helps Businesses Accelerate Payment Collection
Cincinnati – Fifth Third Bank has launched a new program that will help Commercial Banking clients avoid mail delivery delays and improve the payment receivables process. This new offering coincides with the recent announcements by the US Postal Service (USPS) that it will be reducing the number of processing plants which will result in longer mail delivery times in 2012. The Fifth Third Bank offering will help its clients mitigate any increases in mail float as a result of the USPS changes.
Fifth Third Bank has teamed up with SourceHOV, a leading company specializing in end-to-end business process services, to launch its new Remote Capture Lockbox strategy. This new strategy is designed to increase the speed of payment collection from post office locations and streamline the receivables process for Wholesale Lockbox Network clients. SourceHOV will retrieve business-to-business payments at post office locations across the country and will image them for processing at Fifth Third Bank's Cincinnati processing hub. This procedure will help reduce mail float delays associated with mailing payments to the processing center and help improve funds availability for business-to-business customers. The program will begin with SourceHOV's local processing center in Dallas, one of the nation's premier mail float locations.
"As mail delivery options change over the next few months, Fifth Third Bank is exploring new ways to help our customers efficiently manage receivables and effectively optimize their working capital," said Jeff Ficke, senior vice president and director of treasury management for Fifth Third Bank. "The Remote Capture strategy will help provide clients with improved mail delivery times assisting in a streamlined receivables process. This is one way that we help our clients manage their working capital so they can operate more efficiently."
As businesses look for banks to be more innovative in developing Treasury Management solutions, Fifth Third Bank delivers a consultative approach of working with Commercial Banking clients to help improve overall business operations. For more information about the Bank's Treasury Management solutions, visit www.53.com/treasurymanagement.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $115 billion in assets and operates 15 affiliates with 1,313 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,435 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 Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2011, had $273 billion in assets under care, of which it managed $23 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. Equal Housing Lender.