Latest news with #DTSConnex
Yahoo
2 hours ago
- Business
- Yahoo
Fifth Third buys cash management software firm DTS Connex
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Fifth Third Bank is bolstering its cash logistics offerings with the recent acquisition of software firm DTS Connex, announced Wednesday. DTS Connex, which was founded in 1996 and provides cash management solutions to retailers, restaurants and health care providers, became a wholly owned subsidiary of Fifth Third on Aug. 1. It will continue operating independently as well as expand Fifth Third's commercial payments business. The bank is the sixth-largest commercial payments provider by revenue, according to a release, having processed $17 trillion in payments in 2024. 'Within Commercial Payments, we've built a robust cash processing business that strengthens client relationships beyond traditional payment services,' said Bridgit Chayt, head of commercial payments, in a prepared statement. 'This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing.' Chayt called the deal a 'pivotal milestone in our commitment to simplify payments through client-centric innovation." Financial terms of the transaction were not disclosed. 'Fifth Third's cash processing business has been at the forefront of industry innovation for more than 15 years," said Robert Norman, director of cash logistics strategy. Fifth Third previously collaborated with DTS Connex on the development of a deposit tracking solution, according to Norman, who said the deal will boost growth across the cash management sector. This marks the bank's first acquisition since 2023, when it purchased health care payments platform Big Data Healthcare and embedded payments firm Rize Money. Newline, Fifth Third's embedded payments business, was born partially out of its Rize acquisition, in combination with its own legacy system. Stripe tapped Newline last year to power Stripe Treasury and expand embedded financial services to its own clients and users. 'Fifth Third's dedication to relationships and innovation is what makes them a leader in the industry,' said Lou Salafia, founder and CEO of DTS Connex, in a prepared statement. 'Its focus on the client experience is clear, and I deeply value the expertise and strong partnerships its team will bring to the table.' Recommended Reading FTX seeks to sell its 4 functional businesses, including LedgerX Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Business
- Yahoo
Fifth Third Acquires DTS Connex to Bolster Commercial Payments Growth
As part of the broader strategy to leverage technology and innovation, Fifth Third Bancorp FITB has acquired DTS Connex. The acquisition enhances FITB's capabilities in cash logistics, infrastructure, and risk management within its Commercial Payments business . FITB's Strategic Rationale Behind Buyout DTS Connex's advanced technology caters to the needs of businesses seeking more efficient, transparent, and controlled cash logistics management. By acquiring DTS Connex, FITB will streamline cash operations and foster deeper collaboration across the cash ecosystem through advanced data sharing. This move reinforces the company's broader strategy to leverage technology and innovation, offering more integrated and advanced service solutions for clients. Bridgit Chayt, head of Commercial Payments of FITB stated, 'Within Commercial Payments, we've built a robust cash processing business that strengthens client relationships beyond traditional payment services,'. Chayt further added, 'This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing. This is a pivotal milestone in our commitment to simplify payments through client-centric innovation.' FITB's Broader Strategy to Bolster Commercial Payments The integration of DTS Connex is part of FITB's ongoing strategy to strengthen its leadership in the Commercial Payments business. Over the past few years, Fifth Third has made targeted acquisitions and partnerships to expand its strategic integration of payment technology solutions to differentiate its product offerings. In 2023, it acquired Big Data Healthcare LLC to enhance healthcare payments. Earlier, in the same year, the company acquired Rize Money, Inc. to strengthen embedded finance. In May, Fifth Third partnered with Bottomline to launch Enhanced Payables, a platform powered by Paymode-X. Later in September, Fifth Third expanded its Trustly partnership via Newline to accelerate pay-by-bank innovations and strengthen transaction capabilities across the Automated Clearing House and Real-Time Payments networks. Together, these efforts underscore Fifth Third's focus on becoming a technology-driven payments provider. By combining acquisitions like DTS Connex with partnerships and platform development, the bank is positioning its Commercial Payments business for significant scale. FITB anticipates this business to become a $1 billion revenue business by 2029. Commercial Payments business already represents a key growth engine, accounting for 21% of fee revenues as of June 30, 2025, second only to the wealth and asset management business. Expanding the Commercial Payments business is set to accelerate fee income growth and provide meaningful support to overall revenue momentum. FITB's Zacks Rank & Price Performance Over the past year, shares of FITB have gained 4.3% compared with the industry's growth of 17.2%. Image Source: Zacks Investment Research Currently, the company has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Acquisition Deal by Other Finance Firms This month, First Financial Bancorp FFBC entered an agreement to acquire BankFinancial Corporation BFIN, a Chicago-based financial institution, in an all-stock transaction valued at $142 million. The move aligns with FFBC's strategic focus on strengthening its footprint in the Chicagoland market and enhancing its service offerings. Upon completion, BFIN's consumer and wealth management services, along with selected commercial credit lines, will be integrated into the existing operations of FFBC. All BankFinancial employees will transition to First Financial, ensuring continuity in client relationships and community engagement. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fifth Third Bancorp (FITB) : Free Stock Analysis Report First Financial Bancorp. (FFBC) : Free Stock Analysis Report BankFinancial Corporation (BFIN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Finextra
a day ago
- Business
- Finextra
Fifth Third buys cash management outfit DTS Connex
US bank Fifth Third has moved to scale its cash management operations through the acquisition of DTS Connex. Terms were not disclosed. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. DTS Connex provides cash management software for multi-location businesses such as retailers, restaurants and healthcare providers. Fifth Third - currently the sixth-largest commercial payments provider by revenue - says the acquisition adds expanded capabilities in cash logistics offerings, infrastructure and risk management. Bridgit Chayt, head, commercial payments, Fifth Third, says: "Within Commercial Payments, we've built a robust cash processing business that strengthens client relationships beyond traditional payment services. "This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing." DTS will continue to operate independently as a stand-alone business once it becomes a fully-owned subsidiary of the bank on 1 August.
