Bottomline Customer Recognized by Celent as ‘Model Bank’
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today announced its customer, Fifth Third Bank, has been recognized by Celent as a ‘Model Bank.’ Fifth Third Bank was recognized for its use of the WebSeries Global Cash Management Platform to enhance the efficiency and security of wire initiation processes within its banking center network.
Published in March, the report, “Celent Model Bank 2008: Case Studies of Effective Technology Usage in Banking,” highlights the best-practice achievements of 16 leading banks. Since implementing WebSeries in 2005, Fifth Third Bank has deployed Bottomline’s functionality to more than 10,000 users across its banking center network to automate wire initiation, foreign draft creation and check disbursement management processes at the branch level. As a result of automating these core banking center processes, Fifth Third Bank has significantly reduced exposure to risk by eliminating the verbal exchange of account information and improved straight-through processing (STP).
“The most successful approach to an effective payments operation includes a payment strategy that considers all of the financial institution’s payment types, channels, markets and geographies served, and customer types,” said Jacob Jegher, a Senior Analyst with Celent’s Banking Group and the report’s author. “By presenting these examples of best practices and their results, we’ve strived to illustrate the degree to which banks are making effective use of technology today and provide inspiration to banks contemplating how to improve their own technology strategies.”
“To be recognized by Celent as a ‘Model Bank’ serves as validation of our strategy and decision to deploy Bottomline's WebSeries platform,” said Julie Elberfeld, Commercial CIO, Fifth Third Bank. “We sought a solution for this initiative that would not only introduce new levels of automation and security into our wire initiation processes, but also easily align with our enterprise architecture requirements. Bottomline has exceeded our expectations on all fronts to help us achieve our goals.”
To help accommodate high-volume domestic and international payments and transaction reporting, banks and financial institutions rely on Bottomline’s award-winning platform to provide the flexibility and scalability required to address the cash management challenges of corporate clients of all sizes. Offering clients a single Web-based platform for originating and managing payments activity worldwide, this modular solution leverages STP capabilities, including multi-currency, multi-language data integration, international payment standards, BIC and IBAN validation, and support for double-byte characters for clearing into Asia.
“In an industry in which competition is truly global, it’s imperative for banks to possess a vision for how technology can become a positive factor in the fight to retain customers and compete more effectively in the marketplace,” said Rob Eberle, President and CEO of Bottomline Technologies. “Through the combination of our platform capabilities and domain expertise, we’re able to help customers such as Fifth Third Bank bring to market successfully the types of products and services their business demands.”
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