Fifth Third Bank Installs 3,000th Remote Currency Manager Safe
Industry-leading Treasury Management solution receives seal of approval from UFPC
CINCINNATI, Oct. 2 /PRNewswire-FirstCall/ -- Fifth Third Bank, a leading Treasury Management provider, recently installed its 3,000th Remote Currency Manager (RCM) safe.
Geared toward restaurants and specialty retail stores, Fifth Third Bank's RCM is an automated smart safe located in a client's establishment. Remote Currency Manager provides clients with daily provisional credit, delivering faster access to funds even while the cash is still in the safe. It also helps reduce the risk of fraud and theft, can facilitate the bank reconciliation process by virtually eliminating adjustments and also improves working capital.
"RCM's growth has been fueled by the consultative support and solution orientation the RCM team provides to our customers," said Marlene Lieberman, vice president and Emerging Payments Product Executive for Fifth Third Bank's Commercial Treasury Management division. "By sharing our experience, we've helped our customers design and implement programs that deliver results."
While RCM helps clients enjoy faster access to their revenue, another benefit is that their employees appreciate the reduction of store closing paperwork and the elimination of nightly trips to the bank. Fifth Third Bank has installed more than 2,000 RCM safes this year alone.
The RCM product recently received the Unified Foodservice Purchasing Co-op (UFPC) "seal of approval" for vendors; making Fifth Third Bank the only financial institution endorsed by UFPC for remote currency capture services. The UFPC is the exclusive supply chain management organization for Yum! Brands Inc. and its five national restaurant systems: A&W, KFC, Long John Silver's, Pizza Hut and Taco Bell. The UFPC negotiates the procurement of food, packaging and equipment for more than 22,000 restaurants across the country.
RCM is a vital component of an integrated receivables solution for cash, checks and cards designed to meet the needs of the Retail sector, currently processing more than $3 billion per year for thousands of retail locations. From collections to deposits to electronic payments, the Bank has a solution to help a retail business save time, lower costs and maintain its competitive edge.
"Fifth Third Bank continues to invest in industry-leading technology, providing our clients with a wide range of solutions to meet their growing needs," said Patrick Moore, senior vice president, Director of Treasury Product Management at Fifth Third Bank. "We work hard to leverage strategic partnerships, providing the right tools and technologies to consolidate the receipt, processing and depositing of paper and electronic payments."
The Bank's Treasury Management receivable solutions include Electronic Collection Solutions, Paper Collection Solutions, Cash Solutions, Healthcare Solutions and Fifth Third Processing Solutions. Fifth Third Bank's Treasury Management also has a leading electronic payables solution helping clients move toward a more paperless transaction process. For more information on Fifth Third Bank Treasury Management Solutions, visit www.53.com.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart locations open seven days a week inside select grocery stores and 2,371 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2009, has $180 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ National Global Select Market under the symbol "FITB." Member FDIC.
