Fifth Third Bancorp Increases Investment in Bottomline Technologies' Enterprise Payments Platform
Distributed Document Printing Module Automates Secure Check Request and Printing at 1,100 Branches
PORTSMOUTH, N.H. – September 12, 2006 –
Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced that Fifth Third Bancorp has expanded its investment in the company's WebSeries® Enterprise Payments Platform with the addition of new capabilities for streamlining retail branch payments.
Bottomline's enhanced WebSeries Enterprise Payments Platform enables banks to consolidate payments and payments-related reporting onto a single technology platform. With the platform's specialized solution set for retail branch payments, banks and financial institutions can accelerate the delivery of retail branch payments and services across a branch network at point of need, while maintaining centralized security and control.
Incorporating the WebSeries Distributed Document Printing software module onto its payments platform, Fifth Third will be able to improve the efficiency of check creation at more than 1,100 banking centers and improve customer service, providing on-demand print capabilities for money orders and cashier checks. In addition to reducing its dependency on manual processes, the new module will allow Fifth Third to tightly integrate its branch sales process with an electronic audit trail and other fraud detection systems.
"The overall efficiency of our banking centers, particularly regarding on-demand services, is a contributing factor in our ability to retain customers and compete effectively in the marketplace," said Bill Curry, Vice President Retail Administration, Fifth Third Bancorp. "Bottomline Technologies is a strategic partner that, through its Enterprise Payments Platform, has provided our organization with a roadmap from which we can deploy innovative banking center products on an ongoing basis and improve overall service at point of need."
A Bottomline customer since 2005, Fifth Third has deployed WebSeries' wires functionality to more than 10,000 users across its banking center network to automate wire initiation, foreign draft creation and check distribution management processes at the branch level. By fully automating this core branch process, Fifth Third has been able to significantly reduce its exposure to risk by eliminating verbal communication of account information and improve Straight-Through Processing.
"Fifth Third Bancorp's decision to increase its investment in Bottomline underscores the importance of leveraging technology to create customer value at the branch level and drive market differentiation," said Joe Mullen, CEO of Bottomline Technologies. "With the modular approach offered by our Enterprise Payments Platform, our banking customers avoid costly customization cycles and are able to bring new, secure products and services to market quickly with a lower total cost of ownership."
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes involving global payments, transactional documents, invoice approval, purchase-to-pay, collections and cash management. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Company Contact:
Billy Balfour
Bottomline Technologies
603-501-5219
bbalfour@bottomline.com
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