With this acquisition, Fifth Third’s commercial payments business gains expanded capabilities in cash logistics offerings, infrastructure and risk management, the Cincinnati-headquartered regional bank said in a Wednesday (Aug. 20) press release.
“This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing,” Bridgit Chayt, head of commercial payments at Fifth Third, said in the release. “The DTS Connex team brings unmatched expertise, technology and scale, empowering us to deliver more integrated, innovative service solutions to our clients and the industry.”
The two companies previously collaborated on the development of a deposit tracking solution that later became part of DTS Connex’s Cash Vault Direct product, Robert Norman, director of cash logistics strategy at Fifth Third, said in the release.
DTS Connex became a wholly owned subsidiary of Fifth Third on Aug. 1 and will continue to operate independently as a standalone business, according to the release.
Lou Salafia, founder and CEO of DTS Connex, said in the release that Fifth Third’s “focus on the client experience is clear, and I deeply value the expertise and strong partnerships its team will bring to the table.”
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In an earlier move, Fifth Third acquired embedded payments platform Rize Money in May 2023, saying the deal was designed to boost the bank’s treasury management business and use technology and innovation for the benefit of its clients.
In March 2023, Fifth Third acquired healthcare payment and remittance firm Big Data Healthcare to add national healthcare revenue cycle capabilities.
Fifth Third Chairman, CEO and President Tim Spence said during a July earnings call that the bank’s investments in tech-enabled products continued to pay off in the second quarter.
For example, in commercial payments, its investments in its Newline by Fifth Third embedded finance platform for enterprises led to 30% year-over-year revenue growth and an increase of more than $1 billion in commercial deposits connected to Newline services.
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