Fifth Third Bancorp has teamed up with Mastercard and AvidXchange to offer an automated accounts payable solution to its commercial clients, enabling them to manage invoices and payments easily.
As part of the strategic partnership, Fifth Third will become the first bank to join The Mastercard B2B Hub powered by AvidXchange.
The Mastercard B2B Hub, which is provided through card issuers, operates as an end-to-end automated platform and converts payable processes traditionally executed by paper into an electronic transaction.
Tapping AvidXchange’s technology, the Mastercard B2B Hub helps to maximise electronic payments using virtual cards and enhanced automated clearing house (ACH).
Fifth Third Bank senior vice president and director of commercial payments and treasury management Bridgit Chayt said: “There are a number of inefficiencies and complexities that traditionally come with managing payments.
“Joining The Mastercard B2B Hub will help eliminate these pain points for our clients in an innovative and user-friendly format. The relationship aligns with and supports our NorthStar strategy to better serve our clients through technology.”
Mastercard executive vice president of new payments business Colleen Taylor said: “The North American market for B2B payments is $25 trillion and yet, in the US, over 50% of B2B payments are still being made by check. It is inefficient and expensive.
“Fifth Third is meeting these challenges head on by offering The Mastercard B2B Hub to businesses who want to increase their financial control by outsourcing their payments processes.”