Fifth Third Bank, a leader in currency processing, announces the
expansion of its innovative currency solutions to include a fully
managed service solution. Fifth Third’s Currency Processing Solutions
(CPS) suite provides a holistic approach to cash handling from point of
sale to account reconciliation and reporting. By offering a managed
service approach, Fifth Third acts as a single service provider to help
businesses greatly reduce the amount of time they need to spend managing
their cash handling activity. CPS frees up key store resources so they
can concentrate more time on customers, employee development and
merchandising, and it reduces the need for armored courier service pick
ups.
Since 2007, Fifth Third has been an early innovator in the currency
processing space, and the Bank has continued to evolve its smart-safe
technology and managed service approach to help retailers reduce
operating costs, reduce risk, improve cash flow and streamline back
office operations. When combined, these benefits generally result in
customers experiencing a 10 to 30 percent reduction in their cash
handling and processing costs.
“We have simplified the process for retailers so they can minimize the
amount of time personnel spend on reporting, reconciliation and
end-of-day deposits, allowing them to focus on growing and managing
their business and enhancing the client experience,” says John Bultema,
executive vice president, CPS for Fifth Third Bank.
Other key benefits of CPS include:
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Dramatically reducing or eliminating in-store working capital
requirements.
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Improving employee safety and security by eliminating the need for
personnel to make frequent trips to the bank with large amounts of
cash.
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Reducing banking fees, cash in transit delays and cash over/short.
The solution uses smart-safe technology to collect and calculate
currency on-site at retail locations and provides provisional credit to
a retailer’s account to improve access to working capital. CPS can be
tailored to meet any retailer’s unique cash management needs. Fifth
Third Bank provides solutions for retailers with varying cash deposit
needs, from hundreds of dollars to more than a million dollars of cash
receipts. The solution benefits smaller retailers that only need to
process cash receipts and larger stores which need to process and
recycle cash daily.
Fifth Third Bank has recently implemented CPS at national retailers in
the travel, specialty retail and restaurant industries. For more
information about CPS, visit www.53.com/currencyprocessing.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $126 billion in
assets and operates 18 affiliates with 1,320 full-service Banking
Centers, including 102 Bank Mart® locations open seven days a week
inside select grocery stores and 2,592 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania,
Missouri, Georgia and North Carolina. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending, and
Investment Advisors. Fifth Third also has a 25% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of September 30, 2013, had $318 billion in assets under
care, of which it managed $27 billion for individuals, corporations and
not-for-profit organizations. 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.
Copyright Business Wire 2014