US-based Fifth Third Bank has selected FIS, a provider of banking and payments technology solutions, for its C2P Open Payments Platform.
The solution enables corporate customers to manage any type of payment through their payments portal with Fifth Third, ranging from account transfers to -over time- international and domestic ACH and wire transactions.
This provides customers with one view on all payments initiated through the portal and it allows for approval workflows to be shared across payment types.
"Fifth Third equally benefits by being able to manage all payment types for these clients through one single application, whilst facilitating smooth integration with payment execution systems across the various payment channels.
"In October 2013, the project went live to a limited client base with account transfers first, followed by ACH and wire. A full-scale roll out to their 16,000 medium and large business customers started in April 2014," FIS said in a statement.
Doug Gross, general manager Americas for Clear2Pay, said: "We have always enjoyed a tremendous working relationship with this large regional bank, headquartered in Ohio, which puts a strong emphasis on customer centricity.
"Our FIS Clear2Pay Open Payment Framework and the applications derived of this state-of-the-art technology are uniquely built to enable customer facing organizations to offer more insight, lower costs and enhanced flexibility in an era when consumerization reigns supreme in all walks of life, from booking air travel to doing business payments at work."
Clear2Pay was acquired by FIS in October 2014.