Fifth Third to Advance B2B Accounts Payable for Commercial Clients
October 16 2017 - 8:04AM
Business Wire
Strategic Relationship with Mastercard and
AvidXchange Brings Efficiency to Managing Invoices and Payments
Fifth Third Bancorp (NASDAQ: FITB) today announced a strategic
relationship with Mastercard and AvidXchange™ to bring a
best-in-class automated accounts payable solution to Fifth Third
Bank’s clients. The collaboration is one of several recent business
relationships with a financial technology company intended to bring
efficiency and innovative digital solutions to clients.
As part of the relationship, Fifth Third will become the first
bank to join The Mastercard B2B Hub powered by AvidXchange, a
solution announced earlier this year.
“There are a number of inefficiencies and complexities that
traditionally come with managing payments,” said Bridgit Chayt,
senior vice president and director of commercial payments and
treasury management for Fifth Third Bank. “Joining The Mastercard
B2B Hub will help eliminate these pain points for our clients in an
innovative and user-friendly format. The relationship aligns with
and supports our NorthStar strategy to better serve our clients
through technology.”
Delivered through card issuers, The Mastercard B2B Hub is an
end-to-end automated platform that converts payable processes
traditionally done by paper into an electronic transaction. More
than half of U.S. business-to-business payments are still made by
paper check, a costly, inefficient and insecure method.1
The Mastercard B2B Hub leverages AvidXchange’s technology to
maximize electronic payments using virtual cards and enhanced
automated clearing house (ACH). With it, businesses will no longer
face the burden of costs or potential errors associated with manual
accounts payable processes.
“The North American market for B2B payments is $25 trillion and
yet, in the U.S., over 50 percent of B2B payments are still being
made by check. It is inefficient and expensive. Fifth Third is
meeting these challenges head on by offering the B2B Hub to
businesses who want to increase their financial control by
outsourcing their payments processes,” said Colleen Taylor,
executive vice president of new payments business for
Mastercard.
This announcement follows an equity investment in AvidXchange
last year by Fifth Third Capital Holdings LLC, an indirect
subsidiary of Fifth Third Bancorp. Mastercard also invested in the
Charlotte, North Carolina-based financial technology company
earlier this year.
“As a result of our partnership with Mastercard, which we
announced in June, we’ve created a great solution for banks to make
it easy to offer accounts payable and payment automation solutions
with The Mastercard B2B Hub powered by AvidXchange,” said Michael
Praeger, AvidXchange’s chief executive officer. “We’re very excited
about Fifth Third being the first bank to use the B2B Hub to bring
our great value-added solutions to their customer base. We admire
Fifth Third’s dedication to being on the forefront of
revolutionizing commercial payments, and we feel honored to be
selected as the Bank’s technology partner in this endeavor.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of June 30, 2017, the Company
had $141 billion in assets and operated 1,157 full-service Banking
Centers and 2,461 ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Georgia and North
Carolina. In total, Fifth Third provides its customers with access
to more than 45,000 fee-free ATMs across the United States. Fifth
Third operates four main businesses: Commercial Banking, Branch
Banking, Consumer Lending, and Wealth & Asset Management. Fifth
Third is among the largest money managers in the Midwest and, as of
June 30, 2017, had $330 billion in assets under care, of which it
managed $34 billion for individuals, corporations and
not-for-profit organizations through its Trust and Registered
Investment Advisory businesses. 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.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
About
AvidXchange™
AvidXchange revolutionizes the way companies pay their
bills. Serving more than 5,500 clients throughout North America,
AvidXchange is an industry leader in automating invoice and
payment processes for midmarket companies spanning multiple
industries including Real Estate, Non-Profit, Financial Services,
Energy, and Construction. AvidXchange has been recognized as one of
the 50 fastest-growing private companies in the Charlotte area for
four consecutive years, as well as ranked among Deloitte’s Fast 500
this past year. In the midst of record growth, AvidXchange has
remained true to its most valued competitive advantage—its people.
AvidXchange has been recognized as one of the Best Places to Work
in Charlotte for eight consecutive years. For more information,
contact AvidXchange at 800.560.9305
or info@AvidXchange.com.
12016 AFP Electronic Payments Survey.
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