Fifth Third has announced its partnership with Bottomline in order to launch a new payables solution and its business payment network, Paymode-X. Following this announcement, the Enhanced Payables powered by Bottomline was developed by combining the capabilities of Bottomline’s business payments technology with Fifth Third’s extensive banking solutions.

The tool is expected to provide customers with a comprehensive and secure suite of payment options, while also optimising their overall experience. In addition, both companies will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Fifth Third represents a bank that focuses on optimising the manner in which individuals, families, businesses, and communities grow and develop smart financial solutions that improve lives.

Bottomline was designed in order to improve the way businesses pay and get paid. Its secure, comprehensive, and efficient suite of services was developed in order to modernise payments for companies, banks, and financial institutions globally. Throughout this launch, clients and customers will have the possibility to streamline their payment processes, optimise cash flow management, as well as improve overall operational efficiency.

According to Bottomline data, over 50% of businesses that use the network have cut their processing costs in half, while 8 out of 10 have also increased their rebates earned on accounts payable spend by 50% or more. The partnership underscored the shared commitment to deliver improved business payment solutions that meet the evolving needs of customers. In addition, clients will have the possibility to access a wide range of payment capabilities including virtual card payments, invoice automation, ACH payments, check payments, Automated Clearing House payments, and business-to-customer payments.

This comprehensive offering will also provide users with the flexibility and convenience they need in order to develop in today’s fast-paced business environment. The strategic deal between Fifth Third and Bottomline will focus on making the work of accounts payables more modern, driving efficiency through automation, as well as offering the business payments and supplier scale that comes with the Paymode-X network. .