Fifth Third Bank has signed a referral agreement with Open Solutions, a provider of integrated enabling technologies for financial services providers, to use the Fifth Third Network for its US bank and credit union clients.
The Fifth Third Network provides an option for correspondent banks and credit unions to exchange check images while helping to improve funds availability. Providing member institutions with electronic files of their own checks gives members better access to major clearinghouses.
The Fifth Third Network services consist of electronic cash letter, inclearing and archive services.
David Mitchell, senior vice president and chief marketing officer at Open Solutions, said: “Our agreement with Fifth Third Bank in utilizing the Fifth Third Network will enable our clients to tap into Fifth Third Bank’s connections and take advantage of some of the best technology available today.”
Jeff Ficke, senior vice president and director of treasury management at Fifth Third Bank, said: “We’re pleased to extend our relationship with Open Solutions and are sure their clients will benefit from the network’s extensive capabilities. Fifth Third Bank has always been in the correspondent cash letter business and is an early adopter of image technology, and our clients have truly benefited from these services.”