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.”