Fifth Third Announces Acquisition of DTS Connex, Adding Scale, Innovation in Cash Management

CINCINNATI--(BUSINESS WIRE)--Fifth Third (Nasdaq: FITB) today announced its acquisition of DTS Connex, a leader in cash management software solutions for multi-location businesses such as retailers, restaurants and healthcare providers. The acquisition adds expanded capabilities in cash logistics offerings, infrastructure and risk management to Fifth Third’s Commercial Payments business. DTS Connex’s technology solutions address the complex and complicated needs of clients seeking to increase efficiency, transparency and oversight in cash logistics management.

“Within Commercial Payments, we’ve built a robust cash processing business that strengthens client relationships beyond traditional payment services,” said Bridgit Chayt, head of Commercial Payments. “This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing. The DTS Connex team brings unmatched expertise, technology, and scale -- empowering us to deliver more integrated, innovative service solutions to our clients and the industry. This is a pivotal milestone in our commitment to simplify payments through client-centric innovation.”

Fifth Third is currently the sixth-largest commercial payments provider by revenue. The Bank processed $17 trillion in payments volume in 2024 and enjoys top five market share in six payment categories. Fifth Third ranks second in coin and currency revenue and retail lockbox remittances, third in wholesale lockbox remittances, and fifth in account reconciliations.*

“Fifth Third’s cash processing business has been at the forefront of industry innovation for more than 15 years,” said Robert Norman, director of cash logistics strategy. “We collaborated with DTS Connex on the development of its deposit tracking solution, which was a key component in its Cash Vault Direct offering. This acquisition will allow for continued strategic partnerships and forward-thinking cash logistics software solutions that will accelerate growth across the sector.”

Fifth Third’s Commercial Payments business offers innovative products and solutions to help customers do the things they need to do better, faster and with more control and efficiency. In recent years, strategic integration of payments technology solutions has further differentiated the Bank’s offering. In May 2023, the Bank acquired Big Data Healthcare LLC, a technology solutions provider for healthcare payments and remittance, and Rize Money, Inc., an embedded payments platform.

The Bank then launched Newline™ by Fifth Third, which delivers modern technologies for a seamless embedding of financial services into client platforms and products, with the highest standards of performance, scalability and risk management. Newline has since been selected by industry leaders, including Trustly and Stripe, to expand their capabilities. In 2024, Stripe selected Newline to power Stripe Treasury and expand embedded financial services for its platform users and clients.

“Fifth Third’s dedication to relationships and innovation is what makes them a leader in the industry,” said Lou Salafia, founder and chief executive officer of DTS Connex. “Its focus on the client experience is clear, and I deeply value the expertise and strong partnerships its team will bring to the table.”

Effective August 1, DTS Connex became a wholly owned subsidiary of Fifth Third. DTS will continue to operate independently as a stand-alone business, maintaining its commitment to serving clients with the same level of excellence and service as prior to the acquisition. The financial terms of the transaction were not disclosed.

About DTS Connex

DTS Connex, a registered trademark of International Financial Services, Inc, provides innovative cash management solutions to leading retailers, restaurants, and multi-location businesses in the US and Canada. The DTS Connex service links these businesses to their banks, couriers, and cash management devices to share real-time transaction information across operational platforms. For more information, visit www.DTSConnex.com.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.

* 2023 Cash Management Services Survey administered by EY.