Fifth Third Bancorp has agreed to use the Enterprise Trade Finance software that the banking technology provider S1 Corp. introduced this year.
Fifth Third, a Cincinnati banking company, has been an S1 customer since 2003, using an earlier Trade Finance product. The new software is part of the Atlanta vendor's Enterprise product line, which includes software modules designed to share customer information.
The Trade Finance application lets banks supply import/export customers with letters of credit, purchase order processing, document imaging, and other payment services.
"Our trade finance offering is an important solution to our commercial banking customers," and the S1 software gives Fifth Third "the agility to deliver quickly on trade service market changes," Rodney Baker, a Fifth Third assistant vice president and business analyst for commercial credit trade services, said in an S1 press release Monday.
S1 last year shifted its sales model for Enterprise products from subscription to the more traditional licensing model. Subscriptions generate steady long-term revenue streams, but many large banks were reluctant to sign such contracts, preferring licenses, which typically require large, up-front payments. S1 offers many products using the subscription model through its Postilion unit, which focuses on small financial companies.
