Fifth Third Bank Teams with PrimeRevenue, Expanding Bank's Supply Chain Finance Solutions for Commercial Clients
Collaboration Taps Into PrimeRevenue's Leading Technology, Data and Support Framework
CINCINNATI and ATLANTA, Dec. 7, 2022 /PRNewswire-PRWeb/ -- Fifth Third Bank, National Association, and PrimeRevenue, the global leader in working capital and B2B payment solutions, today announced that they will be joining forces. A strategic relationship designed to help enterprise and mid-market customers navigate supply chain disruptions and broader macroeconomic uncertainty, the collaboration marks an enhancement of Fifth Third's working capital and trade payables solutions, which empower businesses to unlock otherwise untapped capital and cash flow.
Fifth Third will continue leveraging PrimeRevenue's award-winning technology and best practices spanning areas including data, support and sales, which have been developed over the course of nearly two decades.
"With this strategic relationship, PrimeRevenue and Fifth Third are working together to help businesses unlock capital and cash flow that enables continued growth, scaling and innovation—even through uncertainty and volatility in the broader macroeconomic landscape," said Natalie O'Donnell, Senior Vice President, Global Head of Marketing, PrimeRevenue. "An alternative to taking on debt, supply chain financing is a tool and lever that companies can rely on to strengthen and de-risk their supply chains."
How Supply Chain Finance Works
Supply chain finance is a means for buyers to pay their invoices at a later date while still providing faster access to cash for suppliers. A funder typically purchases a buyer's invoice for a nominal fee, extending the payment term for that buyer while paying the supplier before the invoice's maturation date. Afterwards, the buyer pays the bank the invoice amount directly.
"At PrimeRevenue, we take pride in our commitment to the values of performance, respect, innovation, diversity, excellence and integrity. We are thrilled to work alongside Fifth Third, a company that embodies these values, to provide solutions that help empower businesses to thrive and achieve their goals," said Gavin Cicchinelli, Chief Operating Officer, PrimeRevenue.
"We provide our clients with options and solutions to meet their strategic goals. It is part of Fifth Third's value as a comprehensive, relationship-driven bank," said Fifth Third Bank Executive Vice President and Head of Corporate Banking Kevin Khanna. "Leveraging PrimeRevenue's technology and platform allows access to additional alternatives that businesses need to optimize working capital and strengthen supply chain sustainability."
About Fifth Third
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at http://www.53.com.
About PrimeRevenue
As a pioneer in global B2B payments, the PrimeRevenue Platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of companies around the world leverage one streamlined platform to increase payment visibility, enhance control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong, and Melbourne. Learn more at http://www.primerevenue.com and connect with us on Twitter @primerevenue and LinkedIn.
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SOURCE PrimeRevenue
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