Sibcy Cline Sheds Manual Paper-Based Accounts Payable Process with Fifth Third Expert AP
July 18 2018 - 2:59PM
Business Wire
Powered by the Mastercard B2B Hub with
AvidXchange, Expert AP Helps Businesses Transform How Invoices,
Payments, and Supplier Relationships Are Managed
More than half of business-to-business payments are still made
by check. According to one study, the average amount per payment
and manual invoice is just $22.1
Sibcy Cline, the largest real estate broker in Southwest Ohio,
including Cincinnati and Dayton, Northern Kentucky and Southeastern
Indiana, will reduce that kind of inefficiency by implementing
Fifth Third Expert AP. Powered by the Mastercard B2B Hub with
AvidXchange, the solution is an end-to-end automated platform that
converts payable processes traditionally done by paper into
electronic transactions.
“We’ve had a great relationship with Fifth Third. When the team
came to us with Fifth Third Expert AP, we were very excited about a
paperless workflow and storage for our accounts-payable process,”
said Lisa Lakeman, chief financial officer at Sibcy Cline. “The
platform will save us time and money from the processing and
mailing costs associated with paying bills by check.”
Fifth Third in October became the first bank to join the
Mastercard B2B Hub with AvidXchange.
“Fifth Third Expert AP represents a dynamic shift in how Fifth
Third can help clients make it easier to run their business,” said
Jed Scala, executive vice president and head of Payments and
Commerce Solutions for Fifth Third Bank. “By using Expert AP, Sibcy
Cline will have greater visibility, efficiency and control over the
accounts payable process, while contributing to the overall success
of their business.”
Key features of Fifth Third Expert AP include:
- Electronic invoice capture. A
centralized location receives both paper and electronic
invoices.
- Invoice approval workflow. A
robust and customizable workflow to streamline the approval
process.
- Payment simplification. In a
single file, a client can send all domestic payments that will be
processed as virtual card, enhanced ACH or check.
- Direct supplier engagement.
Fifth Third Expert AP identifies and stores preferred payment
methods for all suppliers.
- ERP connectivity. Accounts
payable workflow-automation technology is integrated with current
accounting/ERP systems.
For more information about Fifth Third Expert AP, visit
online.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2018, the
Company had $142 billion in assets and operated 1,153 full-service
Banking Centers and 2,459 ATMs with Fifth Third branding 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 54,000 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 March 31, 2018, had $363
billion in assets under care, of which it managed $37 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.
Deposit and Credit products are offered by Fifth Third Bank. Member
FDIC.
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, Financial Services, Construction,
Health and Human Resources, and Hospitality. AvidXchange has been
recognized as the top software company in North Carolina by the
North Carolina Technology Association, one of the 50
fastest-growing private companies in the Charlotte area for six
consecutive years, ranked among Deloitte’s Fast 500 this past year,
and was recently named the top 100 technology companies in North
America by Red Herring. 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 us at 800.560.9305
or info@AvidXchange.com.
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.
1 2015 Ardent Partners “The State of B2B Payments 2015: Emerging
Business Value
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Fifth Third BankShandi Huber, APR,
513-534-8894Shandi.Huber@53.com
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