Under the terms of the initial software/services contract estimated at $2.19 million USD, PROACTIS end-to-end Spend Control and eProcurement will become the technology of choice to support the Bank's transformational compliance and governance initiative in Spend Control. The announcement was made just weeks after PROACTIS' recent North American expansion announcement and acquisition of eSourcing managed service provider, Intesource in Phoenix.
Fifth Third Bank is one of the top 15 U.S. regional banking corporations and is headquartered in Cincinnati, Ohio. As of March 31, 2014 the company had $130 billion in assets and operated 17 affiliates with 1,309 full-service Banking Centers and 2,616 Jeanie® ATMs across 12 states throughout the Midwestern and South-eastern regions of the United States.
By ensuring best practice business processes related to its purchase-to-pay (P2P) and eInvoicing activities, Fifth Third Bank can introduce efficiencies into their operation, removing duplication, shortening workflow and ensuring greater visibility and control of corporate spend. PROACTIS applications will be implemented and delivered as part of an end-to-end strategy that provides a compelling user experience and is fully integrated into the Bank's GEAC corporate financial software.
"PROACTIS was chosen over competitive solutions because of its ability to manage complex business structures that will help Fifth Third bank remain agile to respond to external change drivers, compliance and regulatory demands in the future," said Jim Moise, Chief Sourcing Officer at Fifth Third Bank. "We are confident that PROACTIS will support this and provide the controls we need both now and into the future."
"Complex procurement standards and rules are often difficult to enforce," continued Moise. "Leading the buyer through the process, PROACTIS will help staff to easily follow such rules, presenting them only with the options available but prioritized to further assist the purchase. Guidelines are set globally and managed with business rules within the procurement process to provide Fifth Third with both the control mechanism and visibility of this important process."
is designed to manage all non-payroll spend. The software streamlines purchasing and invoice handling processes, imposing vital controls over spending, delivering cost-base visibility and automating typically inefficient paper-intensive processes to bring savings from process efficiencies and economies of scale.