US-based Fifth Third Bank has added enhancements to its electronic accounts payment solution, Card Payables, to improve service for commercial card customers.
Through Card Payables, customers will now be able to simplify 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.
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According to Fifth Third Bank, the enhanced payment solutions will allow customers to gain additional benefits through the use of Fixed Virtual Card Numbers (VCN) and Buyer Initiated Push Payments to suppliers.
The bank said that the real-time payables will be convenient for lower volumes of payables to individual vendors, and batch payables will allow automated payments for high volume payables to multiple vendors at the same time.
The Card Payables Online solution will offer authorised company users the ability to send individual Virtual Card Numbers (VCNs) to vendors in real-time, while the Card Payables Batch solution will allow Fifth Third Bank to pay multiple vendors approved by the customer with the business’ Commercial Card.
Fifth Third Bank senior vice president and director of wholesale bank strategic initiatives, Jeff Siekman, said: "Our payment solutions help customers improve cash flow and gain greater control of their cash position. 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 program."
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By GlobalData
