Fifth Third to advance B2B accounts payable for commercial clients

Tuesday 17 October 2017 10:10 CET | News

Fifth Third Bancorp has announced a strategic partnership with Mastercard and AvidXchange to bring automated accounts payable solution to Fifth Third Bank’s clients.

As part of the relationship, Fifth Third will become the first bank to join The Mastercard B2B Hub powered by AvidXchange, a solution announced earlier this year.

Delivered through card issuers, The Mastercard B2B Hub is an end-to-end automated platform that converts payable processes traditionally done by paper into an electronic transaction. More than half of US business-to-business payments are still made by paper check, a costly, inefficient and insecure method.

The Mastercard B2B Hub leverages AvidXchange’s technology to maximize electronic payments using virtual cards and enhanced automated clearing house (ACH). With it, businesses will no longer face the potential errors associated with manual accounts payable processes.

AvidXchange is a provider of accounts payable and payment automation solutions for midsize companies spanning multiple industries including Real Estate, Non-Profit, Financial Services, Energy, and Constructio.

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Keywords: Fifth Third, MasterCard, AvidXchange, B2B, accounts payable, Mastercard B2B Hub, payments, automation
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech