Fifth Third Bank Extends Currency Processing Solutions Across Multiple Caesars Entertainment Corporation Properties
November 02 2015 - 9:55AM
Business Wire
Properties across the country implement
innovative solution in dining, retail and gaming venues
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.
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Fifth Third BankSean Parker, 513-534-6791
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