US bank Fifth Third has moved to scale its cash management operations through the acquisition of DTS Connex. Terms were not disclosed.
DTS Connex provides cash management software for multi-location businesses such as retailers, restaurants and healthcare providers.
Fifth Third - currently the sixth-largest commercial payments provider by revenue - says the acquisition adds expanded capabilities in cash logistics offerings, infrastructure and risk management.
Bridgit Chayt, head, commercial payments, Fifth Third, says: "Within Commercial Payments, we’ve built a robust cash processing business that strengthens client relationships beyond traditional payment services.
"This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing."
DTS will continue to operate independently as a stand-alone business once it becomes a fully-owned subsidiary of the bank on 1 August.