Fifth Third Bank and PrimeRevenue Team on Supply Chain Finance 

Fifth Third Bank has teamed with PrimeRevenue to offer working capital and trade payables solutions. 

With this collaboration, the bank will use the working capital and B2B payment solutions provider’s technology, data and support framework to support the bank’s enterprise and mid-market commercial clients, the companies said in a Wednesday (Dec. 7) press release. 

“We provide our clients with options and solutions to meet their strategic goals,” Fifth Third Bank Executive Vice President and Head of Corporate Banking Kevin Khanna said in the release. “Leveraging PrimeRevenue’s technology and platform allows access to additional alternatives that businesses need to optimize working capital and strengthen supply chain sustainability.” 

Together with the technology, Fifth Third Bank will deploy the best practices in the fields of data, support and sales that PrimeRevenue has developed through two decades of experience in supply chain finance, according to the press release. 

By enabling buyers to delay paying their invoices while still providing faster cash to their suppliers, supply chain finance helps firms navigate supply chain disruptions, macroeconomic uncertainty and other challenges, the release said. 

“With this strategic relationship, PrimeRevenue and Fifth Third are working together to help businesses unlock capital and cash flow that enables continued growth, scaling and innovation — even through uncertainty and volatility in the broader macroeconomic landscape,” PrimeRevenue Senior Vice President and Head of Global Marketing Natalie O’Donnell said in the release. “An alternative to taking on debt, supply chain financing is a tool and lever that companies can rely on to strengthen and de-risk their supply chains.” 

PYMNTS research has found that 45% of chief financial officers (CFOs) of mid-market companies who accelerated payment process digitization said they did so to improve the management of cash flows or working capital. 

In addition, when the projects were completed, 84% of CFOs said digitizing accounts payable (AP) and accounts receivable (AR) functions improved the management of working capital, according to “Business Payments Digitization: The Fast Track To Payments Systems Upgrades,” a PYMNTS and Corcentric collaboration.