Fifth Third Bank has struck a new partnership with Bottomline Technologies in the name of B2B payments. In a press release offered late last week, Bottomline Technologies, which offers cloud-based payment and invoice solutions for businesses, said it will be working with Fifth Third to provide its clients with electronic payments services.
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Current corporate users of Bottomline’s Paymode-X tool can already exchange ePayments with their suppliers and vendors. The system is one of the world’s largest B2B payment networks, according to the companies. Fifth Third will be partnering with Bottomline on this solution, reports said.
“Treasurers and CFOs are continually searching for innovative ways to automate their financial supply chain,” said Fifth Third Head of Payment Products Jeff Siekman in a statement. “Fifth Third Bank customers who currently use Bottomline’s Paymode-X are more efficiently processing payments, while providing a better experience for their suppliers.”
Paymode-X has more than 300,000 members at present, the firms added.
The companies did not release details on how, exactly, Fifth Third will be collaborating on the Paymode-X system.
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A partnership with Bottomline follows last July’s news that Fifth Third’s then-CEO, Kevin Kabat, would be retiring, with President and COO Greg D. Carmichael tapped to replace the executive. Kabat had served as the bank’s CEO since 2007.
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