CINCINNATI--(BUSINESS WIRE)--As a leader in commercial payments, Fifth Third Bank (NASDAQ: FITB) has launched Fifth Third ePay, an upgraded electronic accounts payable (EAP) solution for commercial card clients using virtual card numbers for payment. Fifth Third ePay enables clients to take advantage of electronic accounts payables and meets evolving client needs. Fifth Third ePay provides clients with multiple options for supplier payments, visibility into account and payment status, and program controls for fraud and risk mitigation.
“Last year Fifth Third’s commercial card clients used our electronic accounts payable solution for nearly 25% of payments to their vendors and partners,” Bridgit Chayt, director of wholesale payments. “The new platform makes the solution more convenient and secure for our business clients.”
While other banks offer an EAP solution, Fifth Third ePay offers a robust and complete management platform. The updated tool and interface provides several benefits to commercial clients including:
- Greater Cash Flow Management – Clients can make realtime supplier payments, enabling greater flexibility to manage working capital and cash flow.
- Greater Client Control – Clients can schedule payments to meet their business needs, even if the payment is days, weeks, or months in advance, in addition to making immediate, realtime payments.
- Easily Accessible Data and Reporting – Clients can customize payment details such as payment numbers and invoice data, enabling greater reporting and reconciliation.
- Increased Risk Management & Fraud Control – Clients can better control their program, assigning access to data and payment activities as needed. The use of Virtual Card Numbers also enables clients to keep funding account confidential.
- Increased Electronic Payment Usage – Clients can transition more payments to an electronic format, as suppliers will have the ability to receive payments in multiple methods, whether by a one-time virtual card number or one that they can reuse multiple times.
- Quicker Navigation – The redesigned user-friendly interface is a single location that allows administrators to quickly manage their program as needed.
According to the RPMG Research Corporation 2015 Electronic Accounts Payable Survey, EAP spending grew by 33% between 2014 and 2015, with 72% of respondents expecting EAP spend to increase over the next five years.
For more information about Fifth Third’s Card Payables Solutions and Commercial Card program, visit https://www.53.com/commercial-banking/commercial-card-program/.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $144 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth and Asset Management. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2016, had $305 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, Equal Housing Lender.