CINCINNATI, Oct. 17 /PRNewswire-FirstCall/ -- Fifth Third Bank has
signed Buffets, Inc., a restaurant chain with more than 500 U.S. locations
including Old Country Buffet(R), HomeTown Buffet(R), Ryan's(R) and Fire
Mountain(R) brands, to use the Bank's Remote Currency Manager solution.
"Fifth Third Bank's Remote Currency Manager is ahead of the curve in
both technology and processes," said Paul Holovnia, vice president of
finance at Buffets, Inc. "This solution allows us to streamline and
centralize our cash management throughout our 39-state area while receiving
provisional credit for that day's deposits."
Remote Currency Manager involves an automated "smart safe" that is
located in a client's retail establishment. Cashiers feed currency directly
into the compact safe through a cash acceptor slot similar to those on
vending machines. The device then verifies the authenticity of the
currency, tabulates the deposit amount and electronically transmits the
information to Fifth Third Bank. The cash is then transferred from the safe
to the bank via armored courier on a regular, predetermined schedule.
The deposit activity is credited to the client's account every business
day. This ensures clients have access to funds even though the cash has yet
to be removed from the safe and delivered to the bank. In addition, clients
may monitor their smart safe activity, including deposit and change order
detail, online through Web-based information reporting.
"We are excited Buffets, Inc. selected Remote Currency Manager to
reengineer their cash collections process," said Marlene Lieberman, vice
president and product executive for Emerging Payments in Fifth Third Bank's
Commercial Treasury Management division. "Fifth Third Bank launched Remote
Currency Manager last year as the first component of an innovative
Receivables solution for cash, checks and cards designed to meet the needs
of the Retail sector."
When the roll out is completed, Buffets, Inc. will be the largest user
of the Bank's Remote Currency Manager. Full implementation is expected by
the end of 2008.
About Buffets, Inc.
Buffets, Inc. is the nation's largest steak-buffet restaurant chain by
number of units and the second largest restaurant company in the family
dining segment by sales volume, Buffets, Inc. operates 558 restaurants
under the Old Country Buffet(R), HomeTown Buffet(R), Ryan's(R) and Fire
Mountain(R) brands in 39 states, with system-wide sales of over $1.5
billion.
About Fifth Third Bank
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services
company headquartered in Cincinnati, Ohio. The Company has $115 billion in
assets, operates 18 affiliates with 1,295 full-service Banking Centers,
including 93 Bank Mart locations open seven days a week inside select
grocery stores and 2,323 ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri,
Georgia and North Carolina. Fifth Third operates five main businesses:
Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors
and Fifth Third Processing Solutions. Fifth Third is among the largest
money managers in the Midwest and, as of June 30, 2008, has $207 billion in
assets under care, of which it managed $31 billion for individuals,
corporations and not-for-profit organizations. Investor information and
press releases can be viewed at http://www.53.com. Fifth Third's common
stock is traded on the NASDAQ(R) National Global Select Market under the
symbol "FITB."
SOURCE Fifth Third Bancorp
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Related links:
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CONTACT:
Whitney Ellis of Fifth Third Bancorp,
+1-513-534-6791
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