Fifth Third Bank Signs Garda Cash Logistics to Deliver Remote Currency Manager Product
Date : 03/31/2009 @ 10:45AM
Source : PR Newswire
Stock : Fifth Third Bancorp (MM) (FITB)
Quote : 2.8 0.32 (12.90%) @ 11:32AM
Fifth Third Bank Signs Garda Cash Logistics to Deliver Remote Currency Manager Product
Treasury Management solution processes $3 billion for customers
CINCINNATI, March 31 /PRNewswire-FirstCall/ -- Fifth Third Bank has signed with Garda's Cash Logistics solutions for the Bank's Remote Currency Manager (RCM) product. This signing allows cash-intensive retail businesses the ability to use the Bank's industry-leading receivables end to end cash management solution.
"Garda is excited to work with Fifth Third Bank to provide a premium in-store cash control solution for its leading edge RCM product," said Michael McSpadden, senior vice president, Product Management and Optimization for Garda Cash Logistics. "The power of this combined solution provides businesses labor savings, increased revenue opportunities and quicker access to invest their store sales. With Garda's CashLINK cash management system and Remote Currency Manager, the bank comes to the customer."
With 140 branches, 2,200 armored vehicles and 8,000 employees across the U.S., Garda Cash Logistics is recognized as a premium provider that makes its customers' world more secure.
RCM is an automated smart safe designed to track deposit information as customers feed currency directly into the note reader. The safe verifies the currency, checks for counterfeits, and automatically tracks the cash deposits for fast, easy balancing and reconcilement. Deposit activity is transmitted from the smart safe to Fifth Third Bank for credit to the customer's account, providing daily use of funds. Based on the customer's business needs, cash is securely retrieved from the smart safe and delivered to the cash vault.
"Fifth Third Bank is pleased to increase the value of our innovative RCM solution by providing our clients more options in reengineering their cash collections," said Marlene Lieberman, vice president and product executive for Emerging Payments in the Bank's Commercial Treasury Management division.
Remote Currency Manager has been installed in more than 1,000 locations and the Bank anticipates doubling the number of locations by year-end. The signing makes Garda the second cash logistics provider of this innovative solution.
RCM is a vital component of an integrated receivables solution for cash, checks and cards designed to meet the needs of the Retail sector, currently processing more than $3 billion per year for thousands of retail locations. From collections to deposits to electronic payments, the Bank has a solution to help a retail business save time, lower costs and maintain its competitive edge.
"Fifth Third Bank continues to invest in industry-leading technology, providing our clients with a wide range of solutions to meet their growing needs," said Patrick Moore, senior vice president, Director of Treasury Product Management at Fifth Third Bank. "We leverage strategic partnerships to provide the right tools and technologies to consolidate the receipt, processing and depositing of paper and electronic payments."
The Bank's Treasury Management receivable solutions include: Electronic Collection Solutions, Paper Collection Solutions, Cash Solutions, Healthcare Solutions and Fifth Third Processing Solutions.
About Garda:
Garda, the fifth largest integrated physical security and cash logistics firm worldwide on an annualized revenue basis, is well known for addressing complex security and investigations issues. As a leading provider in consulting, investigation and security services, Garda is recognized as one of the fastest growing companies with operations across Canada and the United States, Latin America, Europe, the Middle East, Africa, and Asia. With approximately 50,000 dedicated professionals, Garda offers integrated solutions in cash logistics, physical security, consulting and investigations, and enterprise intelligence services. Its team includes specialists and some of the most highly qualified and best-trained experts in the industry. For more information, visit: http://www.gardaglobal.com/ and http://www.gardacashlogistics.com/.
About Fifth Third Bank:
Fifth Third Bancorp (NASDAQ:FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $120 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 95 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,355 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2008, has $179 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for- profit organizations. Investor information and press releases can be viewed at http://www.53.com/. Fifth Third's common stock is traded on the NASDAQ(R) National Global Select Market under the symbol "FITB." Member FDIC.
DATASOURCE: Fifth Third Bank
CONTACT: Whitney Ellis of Fifth Third Bank, +1-513-534-6791
Web Site: http://www.53.com/
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