Fifth Third Bank has announced the formation of the Payments and Commerce Solutions division.
The new division was created to rethink the payment and commerce experience with innovation that delivers greater value to customers. The organization is led by Randy Koporc, executive vice president and head of Fifth Third Payments and Commerce Solutions.
“We’re launching the Payments and Commerce Solutions division to provide a deeper, more holistic and innovative experience to our customers,” said Greg Carmichael, president and chief operating officer, Fifth Third Bancorp. “Our deliberate and focused approach in the payments and commerce solutions space presents a new way to turn our curiosity and insight into valuable offerings for our customers.”
The new division combines existing businesses such as Treasury Management, Commercial and Consumer Card, and Currency Processing Solutions with resources specialized in developing innovative commerce-enabled solutions. Fifth Third is evolving beyond the traditional payment infrastructure to provide solutions for complex, high transaction industries and segments such as retail and healthcare.
“Our scale, history and industry knowledge uniquely position Fifth Third to compete and win in this evolving category,” said Koporc. “This is a market characterized by much faster innovation. Capturing opportunities requires us to build an organization that is both agile and swift in pursuit of both solutions and talent.”
Koporc most recently served as president of Fifth Third Bank’s Georgia affiliate. He has more than two decades of financial services experience in various executive leader roles. He received a bachelor’s degree in Business Administration from the University of Florida and a master’s degree from the University of Central Florida.