Fifth Third Bancorp FITB, in collaboration with Bottomline, has launched Enhanced Payables, a new payment platform powered by the latter’s business payments network, Paymode-X. Enhanced Payables integrates Bottomline’s industry-leading business payments technology and FITB’s wide-ranging banking services to offer customers a diverse range of payment modes.
With this new service, customers can streamline their payment processes, efficiently manage their cash flow and finally boost overall efficiency. According to Bottomline’s data, more than half of the businesses that use the network have successfully reduced their processing costs by 50%. Additionally, eight out of 10 businesses have already increased their earned rebates on accounts payable by 50%.
This partnership offers customers to access a wide range of payment options, which includes invoice automation, virtual card payments, premium Automated Clearing House (ACH) payments, standard ACH payments, check payments and business-to-consumer payments.
Adam Keck, director of managed services for Fifth Third, stated, “We are excited to add Enhanced Payables powered by Paymode-X to our Managed Payables product portfolio. We believe our role with customers is to help them achieve efficiency within their payables operations by partnering to take on their Accounts Payable Jobs to Be Done.” He further added, “In order to do this effectively, we pride ourselves in taking a consultative approach to payables optimization.”
Jeff Feuerstein, senior vice president of commercial and payment product management for Paymode-X, stated, “Our partnership with Fifth Third makes the work of accounts payables more modern, driving efficiency through automation and offering the business payments and supplier scale that comes with the Paymode-X network.”
Fifth Third has been undertaking business expansion efforts through strategic acquisitions and partnerships. In 2023, FITB bought Big Data LLC to enhance its national healthcare revenue cycle capabilities and advance its digital payments and managed services offerings. Additionally, to further leverage technology and innovation to its payment platforms, the bank acquired the embedded payment platform, Rize Money, in 2023. This strategy is consistent with the company’s focus on enhancements and innovation to diversify its revenue streams and gain market share.
Over the past six months, shares of FITB have gained 41.8% compared with the industry’s 30.8% growth.
Image Source: Zacks Investment Research
Currently, FITB carries a Zacks Rank #3 (Hold).
Banks to Consider
Some better-ranked major regional banks are Wells Fargo & Company WFC and Northern Trust Corporation NTRS, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
WFC’s earnings estimates for 2024 have been revised 2.9% upward in the past month. Shares of Wells Fargo have jumped 44.5% over the past six months.
NTRS’ earnings estimates for 2024 have been revised 4.4% upward in the past month. Shares of Northern Trust have gained 15.2% over the past six months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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