Source: Fifth Third Bank
Fifth Third Bank recently signed a referral agreement with Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial services providers throughout North America and other international markets, to use the Fifth Third Network for its U.S. bank and credit union clients.
The Fifth Third Network provides a low-cost option for correspondent banks and credit unions to exchange check images while helping to improve funds availability. Providing member institutions with electronic files of their own checks gives members better access to major clearinghouses.
"We're pleased to extend our relationship with Open Solutions and are sure their clients will benefit from the network's extensive capabilities," said Jeff Ficke, senior vice president and Director of Treasury Management at Fifth Third Bank. "Fifth Third Bank has always been in the correspondent cash letter business and is an early adopter of image technology, and our clients have truly benefited from these services."
Since 2007, the Fifth Third Network has provided more than 1,800 correspondent banks and credit unions the ability to clear and settle check transactions by sending and receiving paper or image cash letters from other banks within the network.
"Because institutions are doing more with less, we understand how important it is for our clients to work as efficiently as possible," said David Mitchell, Open Solutions' senior vice president and chief marketing officer. "Our agreement with Fifth Third Bank in utilizing the Fifth Third Network will enable our clients to tap into Fifth Third Bank's connections and take advantage of some of the best technology available today. We feel confident that our clients will benefit greatly from our shared resources."
The past five years have seen the banking industry and check clearing strategies change at an increasing rate. Today, the Fifth Third Network clears more than 33.5 million check images a month and receives more than 18 million check images each month for its members.