Fifth Third Bank announced key enhancements to its electronic accounts payable offering, Card Payables, for commercial card customers. Card Payables enables the US bank’s customers to streamline accounts payable processes, improve reporting capabilities, enable easier and faster payments to their vendors, and reduce the amount of cheques being issued by the customer.
The bank added that through the new enhancements, customers will gain additional benefits through the use of fixed virtual card numbers (VCN) and buyer initiated push payments to suppliers.
“Our payment solutions help customers improve cash flow and gain greater control of their cash position,” said Jeff Siekman, senior vice president and director of wholesale bank strategic initiatives for Fifth Third. “These offerings provide businesses with greater flexibility in how they pay suppliers and help to convert paper check-based payment methods to a more streamlined, electronic programme.”
Customers can initiate payments in real-time or through batch processing through four flexible options, each of which provides different benefits based on the customer’s needs.
Online, real-time payables are convenient for lower volumes of payables and are made to individual vendors. Batch payables allows automated payments for high volume payables to multiple vendors at the same time and can be fully integrated into customers’ enterprise resource planning (ERP) systems.
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