With the shift in domestic economic conditions, U.S.-based companies are steadily moving toward the international marketplace as a viable and necessary element of their business model.
Fifth Third Bank (Nasdaq: FITB) has long recognized the importance of the global environment and recently introduced a 24-hour Internet trading platform, providing clients with real-time access to the Foreign Exchange (FX) markets.
"To successfully navigate and compete in the International arena, companies must be equipped to manage foreign exchange and the associated business risks," said Bob Tull, Fifth Third Bank's Managing Director of Foreign Exchange and Commodities. "The global marketplace never closes, nor should immediate access to it."
The addition of the online platform gives users a software-free channel to receive industry data, monitor market conditions and trade in more than 100 currencies. Additionally, the secure online service provides automated confirmations and customized settlement instructions of trades.
The Internet solution is a complement to the Bank's extensive network of 10 FX trading desks throughout the Eastern and Midwest United States (Cincinnati, Columbus, Cleveland, Toledo, Minneapolis, Detroit, Chicago, St. Louis, Tampa, New York City).
For more than 30 years, Fifth Third Bank has been aggressively anticipating and servicing the needs of clients utilizing Foreign Exchange services. According to Tull, a tenured staff of FX and risk professionals, accompanied by a powerful online platform, will provide an additional medium for existing FX clients and will serve as a great tool for those just entering the global markets.