Fifth Third Bancorp's new advanced cash-vault product is being rapidly adopted by the bank's clients, the Cincinnati Business Courier reported.
We are seeing incredible revenue growth rates there, Tayfun Tuzun, Fifth Third's chief financial, said Wednesday. It is a fast-growing area and the deployment goes to large retail chains.
Tuzun made the comments at the Deutsche Bank Global Financial Services Investor Conference.
The cash vault allows a retailer's employees feed cash into a safe and immediately credit the funds to the retailer's account. One company, whom Tuzun did not identify, is installing more than 400 of the vaults.
The cash vault is offered by Fifth Third's new division to handle payments, called the Payments and Commerce Solutions division. The $138 billion-asset Fifth Third launched the division amid its ongoing sell-off of shares in Vantiv, a payments company.