When a business needs to get in sync with its suppliers, that's logistics, as the shipping jingle goes.
It's also a business opportunity for banks, Fifth Third Bank says.
The Cincinnati bank said Wednesday that is has introduced a new service to facilitate supply-chain-related transactions between midsize customers (those with more than $500 million of revenue) and their suppliers of goods and services.
Fifth Third will work closely with clients "to implement the appropriate financial supply-chain solution" that jibes with their capital management and inventory needs, according to its press release.
The service will integrate cash management with the administration of supplier relationships, while helping to control working capital more effectively, Jeff Siekman, the director of wholesale bank strategic initiatives for Fifth Third, was quoted as saying.
It will also include a detailed analysis of liquidity needs, working capital, and payment efficiency, he said.
Fifth Third Bank is a unit of the $130 billion-asset Fifth Third Bancorp (FITB).