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Fifth Third Bank and Balance Innovations form strategic collaboration

Fifth Third Bank and retail cash office reconciliation solutions provider Balance Innovations have teamed to offer each company’s cash management and payments expertise to provide solutions that will deliver distinctive value across all segments of the retail market.

Fifth Third Bank Currency Processing SolutionsTM (CPS), is an innovative, holistic managed service solution designed to manage cash operations for retailers. The solutions use the latest technology to:

* Count, verify and secure cash in a retailer’s location
* Reduce cash related operating costs
* Improve working capital
* Reduce cash shortages and other risks associated with managing cash

Balance Innovations’ ability to automate and streamline retailers’ cash office and front end operations is a natural complement to Fifth Third’s CPS suite. Through integration to the retailer’s point-of-sale system, Balance Innovations’ software solutions speed typical cash office tasks and provide valuable data to store personnel and management, resulting in greater efficiency, consistency and more time to focus on customer service and sales.

"Fifth Third provides innovative, creative solutions for retailers, making this an exciting opportunity," said Mark Kohlrus, Chief Operating Officer of Balance Innovations. "Since our products are strategically aligned, it is mutually beneficial to associate our companies’ unique areas of expertise to change the way retailers manage their cash assets, leading to increased profits and working capital."

Jeff Ficke, senior vice president of payment strategies and innovation for Fifth Third Bank, lauded Balance Innovations’ industry expertise and said the two organizations are ideal for this initiative.

"Balance Innovations’ knowledge of software integration and retail operations is among the most sophisticated in the industry," said Ficke. "By uniting our core competencies, we are in position to create unique solutions that provide exceptional value to our retail customers."

Fifth Third Bank’s CPS solutions will be a featured partner in Balance Innovations’ booth (#1753) at the 2015 National Retail Federation show in January in New York City.