30 Apr DadeSystems Announces Strategic Partnership and Equity Investment with Fifth Third
MIAMI, Fla. April 30, 2018 /PRNewswire/ – DadeSystems, a leading provider of integrated receivables solutions, announced a strategic relationship with Fifth Third Bank.
The collaboration and launch of Fifth Third Expert AR is Fifth Third’s most recent business relationship with a financial technology company intended to bring efficiency and innovative digital solutions to clients.
Powered by DadeSystems’ DadePay solutions, Fifth Third Expert AR will offer intelligent invoice matching and payment re-association technology.
Fifth Third Capital Holdings, an indirect wholly-owned subsidiary of Fifth Third Bancorp, has also made an equity investment in the company. DadeSystems will use the investment funding to expand product engineering and support efforts.
“Similar to accounts payable, a treasury or finance department’s accounts receivable can be riddled with inefficiencies if it’s still accepting traditional paper check payments,” said Bridgit Chayt, senior vice president and director of commercial payments and treasury management for Fifth Third Bank. “Collaborating with partners like DadeSystems allows us to address our clients’ challenges and help them become more efficient. Expert AR will enhance our current treasury management capabilities, offer additional electronic payment services and provide a single view of their total receivables for all payments and channels.”
DadePay is an integrated suite of payment processing solutions that accelerates payment processing speed, increases operational efficiency, eliminates unnecessary fees and dramatically improves cash collection. The platform provides a single, enterprise-wide view of integrated receivables for any payment from any channel. DadePay’s advanced algorithms assure the highest match rates in the industry, which increases efficiency and lowers overall processing costs.
“Fifth Third is one of the leaders in the banking integrated receivables market, and we are honored to be selected to be a valued part of their product innovation,” said Bill Zayas, president and CEO of DadeSystems. “We look forward to working with the Fifth Third team to bring DadePay’s advanced capabilities, which will deepen the relationships with their customers and provide new revenue opportunities for Fifth Third. We are also pleased to have secured funding from Fifth Third Capital Holdings, which demonstrates their confidence in our product and management team.”
Headquartered in Miami, Florida, DadeSystems automates the invoice-to-cash application process to increase efficiency and accelerate cash flow. DadeSystems serves multiple industries, including banking, distribution, food and beverage, manufacturing, transportation, wholesale, property management, health care, retail, travel and agriculture. DadePay AR Automation, part of an SaaS suite of integrated products, automatically captures all incoming payments, including cash, checks, ACH, EFT and credit cards. Using patented technologies and machine learning, payments are automatically matched to open invoices and update companies’ ERP systems. All checks received are electronically transmitted to the bank for immediate deposit. The DadePay product suite also includes an ePayment customer portal and Mobile AR application. The DadePay ePayment customer portal allows companies to send notifications and alert customers when payments are due. DadePay portal payments accommodate both ACH and credit card and are 100 percent matched to corresponding invoices. DadePay Mobile allows sales and delivery drivers to capture images of checks and remittances and electronically transmit them to AR Automation for immediate processing. The entire product suite is part of a single enterprise solution.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had $142 billion in assets and operated 1,153 full-service Banking Centers and 2,459 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.