Fifth Third Bank (Nasdaq: FITB) has won the 2012 Model Bank award for integrated receivables solutions from the research and consulting firm, Celent. Fifth Third Bank received the award for a comprehensive tailored solution that included its remote cash capture smart safe solution, Remote Currency Manager (RCM), its remote deposit capture solution, Electronic Deposit Manager (EDM), deposit tracking through Brink’s iDeposit system and Brink’s Deposit Express (BDEX), a deposit mailing solution.
"Fifth Third Bank combined these four solutions to provide a coordinated approach to help customers handle cash, coin and check deposits more efficiently. We are honored to be awarded this international recognition for our efforts in integrating receivables solutions to provide our customers with a more streamlined approach to cash management.” said Jeff Ficke, senior vice president and director of treasury management for Fifth Third Bank.
In winning this award, Fifth Third Bank is among 21 financial institutions from across 10 countries recognized by Celent as industry leaders for their best online and technology practices. The Bank also was honored as a Celent “Model Bank” in 2010 for its innovative RCM solution.
"Celent is pleased to present Fifth Third Bank with this award," said Bob Meara, senior analyst in Celent's banking group. "Among many excellent nominations this year, Fifth Third Bank was selected for its work in providing an integrated receivables solution that not only addresses the need to maximize working capital, but it also addresses operational needs to provide more secure and automated deposit processes.”Fifth Third Bank's case study for integrated receivables is featured in Celent's 2012's report, "Celent Model Bank 2012: Case Studies of Effective Technology Usage in Banking." The report is available online at www.celent.com. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $118 billion in assets and operates 15 affiliates with 1,321 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,407 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 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2012, had $291 billion in assets under care, of which it managed $25 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® National Global Select Market under the symbol "FITB." Deposit and credit products provided by Fifth Third Bank, Member FDIC.
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