Fifth Third Bank, an Ohio-based diversified financial services company and MasterCard have launched a new corporate purchasing solution for Fifth Third’s commercial clients.
Fifth Third Bank will utilize MasterCard’s inControl service to offer purchase control from MasterCard, a tool that provides a level of control and flexibility in payments management.
With MasterCard purchase control, Fifth Third Bank will offer corporate clients enhanced global controls and increased transaction security that combines an integrated preapproval process with secure virtual account numbers.
MasterCard said that the integration of the purchase control application into existing corporate financial infrastructures will enable improved transparency through spend controls, administrative tools, as well as enhanced transaction reporting and reconciliation capabilities that may reduce supplier misuse and the risk of card fraud.
Furthermore, MasterCard purchase control provides a flexible solution that enables organizations to face strategic goals head on by allowing them to optimize their commercial payments programs in a way that provides employees with efficient tools, while also helping to control spending, and promoting compliance for both employees and suppliers.
Jeff Ficke, senior vice president and director of treasury management at Fifth Third Bank, said: “Against the backdrop of an economy where corporations are seeking to find the best ways to efficiently track their spending while ensuring transparency, security and compliance, MasterCard’s purchase control is the application that our commercial clients are looking for. This product will allow our commercial clients enhanced transaction control and security with minimal investment and IT support required.”
Joshua Peirez, group executive of innovative platforms at MasterCard, said: “Leveraging our innovative inControl service, Fifth Third Bank will help its clients streamline complex processes, help decrease the number of payments made with cash and checks, and increase the number of secure transactions made with electronic payments.”