Fifth Third Bank is bolstering its B2B services. Earlier this month the institution announced a partnership with Bottomline Technologies, which sees the bank imbedding its services into the Paymode-X electronic B2B payments platform run by Bottomline.
Now, however, Fifth Third is going solo with its corporate payments services. On Tuesday (Oct. 20), the bank announced the release of a new mobile banking application for its business customers using Fifth Third commercial cards.
The new tool was released as Fifth Third noted the slew of mobile apps available to consumers and the lack of corporate financial service apps missing from that stockpile.
“Consumers and businesses alike are demanding faster and more convenient ways to access information and manage accounts,” said the bank’s senior vice president and director of card services, Jimm Bell, in a statement. “Fifth Third’s commercial card mobile app can improve the ease in which our commercial card clients and their employees conduct business, allowing them to focus more effort and time on driving results to their bottom line.”
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The mobile app links corporate users to information and account data connected to their commercial cards. It also provides them with a way to control spending on those cards by suspending or unsuspending card accounts, the company said.
The data supplied through the app offers real-time information about corporate accounts linked to these cards, Fifth Third said. That up-to-date analysis also means businesses can prevent and detect corporate card fraud and review transactions that were declined.
The mobile app for commercial cards follows Fifth Third’s release earlier this year of its Fifth Third Direct commercial mobile banking app, which links corporate users to administrative and payment tools through their mobile devices.
Last July, Fifth Third CEO Kevin Kabat announced his retirement, and his position was filled by the institution’s COO, Greg D. Carmichael.
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