Strategic Relationship with Mastercard and AvidXchange Brings Efficiency to Managing Invoices and Payments
Fifth Third Bancorp (NASDAQ: FITB) today announced a strategic
relationship with Mastercard and AvidXchange™ to bring a best-in-class
automated accounts payable solution to Fifth Third Bank’s clients. The
collaboration is one of several recent business relationships with a
financial technology company intended to bring efficiency and innovative
digital solutions to clients.
As part of the relationship, Fifth Third will become the first bank to
join The Mastercard B2B Hub powered by AvidXchange, a solution announced
earlier this year.
“There are a number of inefficiencies and complexities that
traditionally come with managing payments,” said Bridgit Chayt, senior
vice president and director of commercial payments and treasury
management for Fifth Third Bank. “Joining The Mastercard B2B Hub will
help eliminate these pain points for our clients in an innovative and
user-friendly format. The relationship aligns with and supports our
NorthStar strategy to better serve our clients through technology.”
Delivered through card issuers, The Mastercard B2B Hub is an end-to-end
automated platform that converts payable processes traditionally done by
paper into an electronic transaction. More than half of U.S.
business-to-business payments are still made by paper check, a costly,
inefficient and insecure method.1
The Mastercard B2B Hub leverages AvidXchange’s technology to maximize
electronic payments using virtual cards and enhanced automated clearing
house (ACH). With it, businesses will no longer face the burden of costs
or potential errors associated with manual accounts payable processes.
“The North American market for B2B payments is $25 trillion and yet, in
the U.S., over 50 percent of B2B payments are still being made by check.
It is inefficient and expensive. Fifth Third is meeting these challenges
head on by offering the B2B Hub to businesses who want to increase their
financial control by outsourcing their payments processes,” said Colleen
Taylor, executive vice president of new payments business for Mastercard.
This announcement follows an equity investment in AvidXchange last year
by Fifth Third Capital Holdings LLC, an indirect subsidiary of Fifth
Third Bancorp. Mastercard also invested in the Charlotte, North
Carolina-based financial technology company earlier this year.
“As a result of our partnership with Mastercard, which we announced in
June, we’ve created a great solution for banks to make it easy to offer
accounts payable and payment automation solutions with The Mastercard
B2B Hub powered by AvidXchange,” said Michael Praeger, AvidXchange’s
chief executive officer. “We’re very excited about Fifth Third being the
first bank to use the B2B Hub to bring our great value-added solutions
to their customer base. We admire Fifth Third’s dedication to being on
the forefront of revolutionizing commercial payments, and we feel
honored to be selected as the Bank’s technology partner in this
endeavor.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of June 30, 2017, the Company had
$141 billion in assets and operated 1,157 full-service Banking Centers
and 2,461 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth
Third provides its customers with access to more than 45,000 fee-free
ATMs across the United States. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending, and
Wealth & Asset Management. Fifth Third is among the largest money
managers in the Midwest and, as of June 30, 2017, had $330 billion in
assets under care, of which it managed $34 billion for individuals,
corporations and not-for-profit organizations through its Trust and
Registered Investment Advisory businesses. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the Nasdaq® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC, Equal Housing Lender.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com,
is a technology company in the global payments industry. We operate the
world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. Mastercard products and solutions
make everyday commerce activities – such as shopping, traveling, running
a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews,
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Bureau.
About AvidXchange™
AvidXchange revolutionizes
the way companies pay their bills. Serving more than 5,500 clients
throughout North America, AvidXchange is an industry leader in automating
invoice and payment processes for midmarket companies spanning
multiple industries including Real Estate, Non-Profit, Financial
Services, Energy, and Construction. AvidXchange has been recognized as
one of the 50 fastest-growing private companies in the Charlotte area
for four consecutive years, as well as ranked among Deloitte’s Fast 500
this past year. In the midst of record growth, AvidXchange has remained
true to its most valued competitive advantage—its people. AvidXchange
has been recognized as one of the Best Places to Work in Charlotte for
eight consecutive years. For more information, contact AvidXchange at
800.560.9305 or info@AvidXchange.com.
12016 AFP Electronic Payments Survey.
Fifth Third Bancorp
Shandi Huber, 513-534-NEWS