CINCINNATI--(BUSINESS WIRE)--Fifth Third Bank (NASDAQ: FITB), a leader in currency processing, today announced a strategic relationship with Caesars Entertainment Corporation to expand Currency Processing SolutionsSM (CPS) across their integrated resort franchise. CPS enables businesses to reduce labor costs and paperwork, mitigate theft, and make working capital more readily available.
“We continue to expand this program across our franchise because the smart safe technology combined with the managed service aspect allows us to spend less effort managing cash and more time focused on customer engagement and experience,” said Clay Behrman, director of enterprise operational finance at Caesars Entertainment Corporation. “We have been extremely satisfied and impressed with the level of support that we have received from Fifth Third Bank.”
A comprehensive managed service method to managing and handling cash, CPS automates manual processes such as counting bills, creates fewer cash-handling touch points and tracks transactions across locations to provide detailed, real-time insight to a customer’s overall cash position. The redundancies that typically exist with cash management have been streamlined or eliminated, making the reconciliation process easier and efficient.
“As our Currency Processing Solution has evolved into a managed service that complements the benefits associated with smart safe technology, we are reducing many of the pain points our commercial customers experience with handling cash,” said John Bultema, executive vice president, treasury management and currency processing solutions. “We are delighted that our solution is enabling commercial customers like Caesars Entertainment to reduce costs of handling cash, streamline operations and free up working capital”
Caesars went live with their first property in January of 2014. Since then Fifth Third has deployed solutions in an additional 7 properties across the Caesars franchise supporting a number of environments including food and beverage, retail, cage and slots. Fifth Third has also developed software that reduces the time required for associates to secure beginning tills and in the post shift deposit process, providing a boost to productivity.
Other key benefits of CPS include:
- Round-the-clock access to services;
- Increased employee efficiency;
- Optimal required cash on-hand in the vault at all times;
- Reduced banking fees, cash in transit delays and cash over/short.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company had $142 billion in assets and operates 1,295 full-service Banking Centers, including 99 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,650 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2015, had $297 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.
