Fifth Third Bank delivers API Outsourcing's automated accounts payable service

Fifth Third Bank will offer API's Payable Solution to its commercial banking clients to streamline their accounts payable process.

In today's business environment, businesses are seeking solutions to reduce costs and improve process efficiencies. Fifth Third's business clients will be able to utilize an end-to-end payables solution to automate their accounts payable process from initial invoice presentment through payment. Benefits will include reduced costs, better managed Days Payable Outstanding, improved financial controls and Sarbanes-Oxley compliance, and improved trading partner relationships.

"Providing an automated accounts payable solution is a natural extension of our current product offering and sets us apart as an industry leader," said William Grace, commercial product manager for Fifth Third Bank. "API's Payable Solution will make it easy for our business clients to automate their payables process while improving their internal financial controls and vendor relationships."

"As the industry continues to migrate away from paper toward electronic transaction processing, we are committed to providing our clients with value-added solutions necessary to improve efficiency, reduce risk and optimize working capital," said Georgette Cipolla, vice president of product development and management for Fifth Third Bank.

"API's Payable Solution is a perfect fit for Fifth Third Bank's commercial banking customers," said J. Peter Donlon, executive vice president of API Outsourcing. "Our automated payable service will integrate with Fifth Third's payment processing for a seamless solution."