Fifth Third (NASDAQ:FITB) and Bottomline announced the launch of Enhanced Payables powered by Bottomline and its business payments network, Paymode-X.
The solution combines the capabilities of Bottomline’s industry-leading business payments technology with Fifth Third’s extensive banking services to provide customers with a comprehensive suite of payment options.
With this new offering, customers can streamline their payment processes, improve cash flow management, and enhance overall operational efficiency. Bottomline data suggests that over 50% of businesses using the network have cut their processing costs in half, and 8 out of 10 have increased their rebates earned on accounts payable spend by 50% or more.
“Together, we are empowering businesses to optimize their payment workflows and drive greater efficiency in their operations,” said Bridgit Chayt, head of commercial payments and treasury management at Fifth Third. “This collaboration underscores our commitment to delivering innovative business payment solutions that meet the evolving needs of our customers.”
Through this relationship, customers can access a wide range of payment capabilities, including invoice automation, virtual card payments, premium Automated Clearing House payments, ACH payments, check payments, and business-to-consumer payments. This comprehensive offering gives customers the flexibility and convenience they need to succeed in today’s fast-paced business environment.
“We are excited to add Enhanced Payables powered by Paymode-X to our Managed Payables product portfolio. We believe our role with customers is to help them achieve efficiency within their payables operations by partnering to take on their Accounts Payable Jobs to Be Done,” said Adam Keck, director of managed services for Fifth Third. “In order to do this effectively, we pride ourselves in taking a consultative approach to payables optimization.”
“Efficiency in accounts payable starts with modernizing how businesses pay and get paid,” said Jeff Feuerstein, senior vice president, commercial and payment product management for Paymode-X. “Our partnership with Fifth Third makes the work of accounts payables more modern, driving efficiency through automation and offering the business payments and supplier scale that comes with the Paymode-X network.”
Enhanced Payables powered by Paymode-X is now available to customers, offering a seamless payment experience that drives efficiency and enhances productivity.