Fifth Third Bank has launched key enhancements to its electronic accounts payable offering, Card Payables, for Commercial Card customers. Through Card Payables, customers are able to streamline accounts payable processes, improve reporting capabilities, enable easier and faster payments to their vendors, and reduce the amount of checks being issued by the customer. Through the new enhancements, customers will gain additional benefits through the use of Fixed Virtual Card Numbers (VCN) and Buyer Initiated Push Payments to suppliers. “Our payment solutions help customers improve cash flow and gain greater control of their cash position,“ says Jeff Siekman, senior vice president and director of Wholesale Bank strategic initiatives for Fifth Third. “These offerings provide businesses with greater flexibility in how they pay suppliers and help to convert paper check-based payment methods to a more streamlined, electronic program.” Customers can initiate payments in real-time or through batch processing through four highly flexible options. Each of these options provides different benefits based on the customer’s needs. Online, real-time payables are convenient for lower volumes of payables and are made to individual vendors. Batch payables allows automated payments for high volume payables to multiple vendors at the same time and can be fully integrated into customers’ enterprise resource planning (ERP) systems. The Card Payables Online solution provides authorized company users the ability to send individual Virtual Card Numbers (VCNs) to vendors in real-time. The VCN is created to process a payment request which settles against a funding account. These requests for VCNs are established on Fifth Third’s Card Payables On-line platform and allow quick and easy payments to replace costly and inefficient checks. The Card Payables Batch solution allows Fifth Third Bank to pay multiple vendors approved by the customer with the business’ Commercial Card. Once authorized, vendor contacts are set up in the Fifth Third Direct Card Payables application, and the customer can select from multiple payment methods to pay suppliers, including:
- Dynamic VCN Payments. Payments are made with a VCN which changes with each supplier payment. Payment files are matched with changing VCNs generated and assigned by Fifth Third.
- Fixed VCN Payments. This method provides a VCN which does not change with each payment. Payment files are matched with the VCN for suppliers who prefer to have one card number for each payment.
- Buyer Initiated Push Payments. Payment files are sent to the Bank, and the payment is pushed directly into a supplier’s direct deposit account without making the card number visible to the business or its supplier.