CINCINNATI, Oct. 20 /PRNewswire-FirstCall/ -- Fifth Third Bank announced today that it has reached a significant milestone, processing over $1 billion in checks through its Electronic Deposit solution in both August and September. August results included $1.
05 billion in checks processed and September ended with $1.2 billion in checks processed. Since the Electronic Deposit solution rollout in November 2005, Fifth Third has processed $5 billion in deposits.
Leveraging opportunities created by Check 21, Fifth Third's Electronic Deposit solution enables commercial clients to manage their check collections more efficiently by facilitating the remote capture and electronic transmission of items for deposit directly to Fifth Third Bank. Clients scan checks for deposit using a desktop scanner from the convenience and security of their own office, significantly reducing the time, effort and resources expended on remittance processing. To date, Fifth Third has 604 electronic deposit sites in production in 32 states and has processed 3.
2 million items.
"We were able to reach these significant milestones because of the widespread acceptance of this product - one that is transforming the way our commercial clients bank," said C. David Cook, senior vice president and director of Treasury Management services.
"Electronic Deposit services can improve efficiency by eliminating trips to the bank and providing faster access to funds. The fact that this is so well-received can be attributed to the quality of the product."
Cook adds that this solution challenges the boundaries of traditional banking.
"This product can reduce the need for multiple banking relationships normally required by a client's multiple site locations. In fact, 32% of our customer base is making deposits from locations outside of what we consider our physical footprint, demonstrating the power of remote capture."
The Electronic Deposit solution is offered through Fifth Third's Treasury Management division, a team dedicated to helping clients improve their working capital management through workplace re-engineering.
With a dynamic combination of size, capital strength and comprehensive capabilities, Fifth Third's Commercial Banking division serves companies around the world with customized financial solutions for their treasury management, credit, capital market and international banking needs.
Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $105.
8 billion in assets, operates 19 affiliates with 1,145 full-service Banking Centers, including 115 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,114 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. 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 September 30, 2006, has $215 billion in assets under care, of which it manages $32 billion for individuals, corporations and not-for-profit organizations.
Investor information and press releases can be viewed at . Fifth Third's common stock is traded through the NASDAQ(R) National Global Select Market System under the symbol "FITB.
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