JACKSONVILLE, Fla.--(BUSINESS WIRE)--Unifying its corporate customer experience across multiple payment types, Fifth Third Bank has selected FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions, for its C2P Open Payments Platform. Clear2Pay was acquired by FIS in October.
The solution is built on the Open Payments Platform, which enables corporate customers to manage any type of payment through their payments portal with Fifth Third, ranging from account transfers to – over time – international and domestic ACH and wire transactions. This provides customers with one view on all payments initiated through the portal and it allows for approval workflows to be shared across payment types.
Fifth Third equally benefits by being able to manage all payment types for these clients through one single application, whilst facilitating smooth integration with payment execution systems across the various payment channels. The project went live in October 2013 to a limited client base with account transfers first, followed by ACH and wire. A full-scale roll out to their 16,000 medium and large business customers started in April of this year. This implementation is viewed by both parties as the cornerstone project upon which the bank will continue to build toward a data-enriched, channel agnostic, single view on customer transactions of any type.
Jeff Siekman, Director of Payments Products at Fifth Third, commented, “As the Curious Bank, we strive to reflect our customers’ needs in our payments strategy. As customers seek ways to streamline payment operations and grow working capital, our payment strategy has evolved. We have focused on streamlining the payment initiation processes, capturing payment history and using this data to build better decision support tools. This allows our customers to more effectively manage their payment trends, operations and working capital across their business units. FIS Clear2Pay Open Payments framework has been a natural fit with our payments strategy, providing the payment initiation framework and flexibility necessary to deliver on our integrated payments strategy.”
Doug Gross, General Manager Americas for Clear2Pay, concluded, “We have always enjoyed a tremendous working relationship with this large regional bank, headquartered in Ohio, which puts a strong emphasis on customer centricity. Our FIS Clear2Pay Open Payment Framework and the applications derived of this state-of-the-art technology are uniquely built to enable customer facing organizations to offer more insight, lower costs and enhanced flexibility in an era when consumerization reigns supreme in all walks of life, from booking air travel to doing business payments at work.”
FIS is the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 40,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, the FinTech Forward 100 list, is 426 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
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About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $134 billion in assets and operates 15 affiliates with 1,308 full-service Banking Centers, including 102 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,639 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 22.8% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2014, had $303 billion in assets under care, of which it managed $26 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® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.
Forward-Looking Statements
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’s historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2013, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
