PROACTIS, a global Spend Control and eProcurement solution provider, today announced that Fifth Third Bank has extended its existing 5-year contract to include the full suite of PROACTIS eProcurement solutions.
Fifth Third Bank is one of the top 15 US regional banking corporations and is headquartered in Cincinnati, Ohio. As of December 31, 2014 the company had $139 billion in assets and operated 15 affiliates with 1,302 full-service Banking Centres and 2,638 ATMs across 12 states throughout the Midwestern and South-Eastern regions of the United States.
The terms of the initial five-year software/services contract for PROACTIS Purchase-to-Pay, estimated at $2.19 million USD, has been expanded to include the PROACTIS suite of Source-to-Contract solutions, providing end-to-end business process automation and support to achieve truly effective Spend Control.
Fifth Third Bank has also entered into a collaborative software development initiative to extend key system capabilities and address specific sector process requirements to identify and manage risk and meet regulatory requirements.
PROACTIS solutions provide complete visibility of supplier risk by maintaining consistent, consolidated, and ongoing management of supplier information throughout the supplier lifecycle. The joint development initiative will extend the integrated set of processes in order to maintain the necessary level of supplier visibility the Financial Services sector needs to effectively manage risk and meet regulatory compliance.
“We are delighted to be partnering with PROACTIS,” said Jim Moise, Chief Sourcing Officer, Fifth Third Bank. “This formal agreement provides the opportunity to extend the use of PROACTIS’ market-leading eProcurement solutions and to work together on new opportunities for the Financial Services sector.”
“We are delighted to be extending our working relationship with Fifth Third Bank, another large financial institution that sees the benefit of a more flexible technology solution,” commented Rod Jones, CEO of PROACTIS. “The Bank is clearly forward-thinking and the deployment of PROACTIS eProcurement solutions provides the main building blocks – information management access, workflow and business rules, guided processes, and secure web access – necessary to mitigate risk, improve competitive performance and produce cost savings.”