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.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.