Fifth Third (Nasdaq: FITB) has announced its acquisition of DTS Connex, a provider of cash management software solutions for multi-location businesses, aiming to expand its commercial payments capabilities in cash logistics offerings, infrastructure, and risk management.
DTS Connex’s technology addresses the complex needs of clients seeking to increase efficiency, transparency, and oversight in cash logistics management, serving sectors such as retail, restaurants, and healthcare.
Bridgit Chayt, head of Commercial Payments at Fifth Third, stated that the acquisition enhances the bank’s ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing. She added that the DTS Connex team contributes unmatched expertise, technology, and scale, enabling Fifth Third to deliver more integrated and innovative service solutions to its clients and the industry.
Fifth Third is currently the sixth-largest commercial payments provider by revenue, processing $17 trillion in payments volume in 2024. The bank holds a top-five market share in six payment categories, including second in coin and currency revenue and retail lockbox remittances, third in wholesale lockbox remittances, and fifth in account reconciliations, according to a 2023 Cash Management Services Survey by EY.
Robert Norman, director of cash logistics strategy at Fifth Third, noted the bank’s more than 15 years at the forefront of cash processing innovation. He highlighted a prior collaboration with DTS Connex on the development of its deposit tracking solution, a key component in its Cash Vault Direct offering. Norman anticipates that this acquisition will allow for continued strategic partnerships and forward-thinking cash logistics software solutions, accelerating growth across the sector.
Fifth Third’s Commercial Payments business provides innovative products and solutions designed to improve efficiency and control for customers. Recent strategic integrations of payments technology solutions have further differentiated the bank’s offerings, including the May 2023 acquisitions of Big Data Healthcare LLC, a technology solutions provider for healthcare payments and remittance, and Rize Money, Inc., an embedded payments platform. Subsequently, Fifth Third launched Newline™ by Fifth Third, which delivers modern technologies for seamless embedding of financial services into client platforms and products. Newline has since been selected by industry leaders, including Trustly and Stripe, with Stripe choosing Newline in 2024 to power Stripe Treasury and expand embedded financial services for its platform users.
Lou Salafia, founder and chief executive officer of DTS Connex, commented on Fifth Third’s dedication to relationships and innovation, acknowledging its leadership in the industry and its clear focus on the client experience.
Effective August 1, DTS Connex became a wholly owned subsidiary of Fifth Third. DTS Connex will continue to operate independently as a stand-alone business, maintaining its commitment to serving clients with the same level of excellence and service as prior to the acquisition. The financial terms of the transaction were not disclosed.
DTS Connex, a registered trademark of International Financial Services, Inc., provides innovative cash management solutions to leading retailers, restaurants, and multi-location businesses in the US and Canada. Its service links these businesses to their banks, couriers, and cash management devices to share real-time transaction information across operational platforms.
