Fifth Third Bank will expand its strategic relationship with Boston Market with the rollout of Fifth Third Currency Processing Solutions at approximately 450 of the restaurant chain's U.S. by mid-2017.
"In order for us to continue to improve on process efficiency, it was time to upgrade to a more powerful smart safe solution," Greg Uhing, chief financial officer at Boston Market, said in the release. "Fifth Third Currency Processing Solutions provides a managed service platform that centralizes service and support, while continuing to provide traditional smart safe benefits such as daily provision credit and improved reconciliation support."
The comprehensive cash management solution allows for fewer touch points, automates manual processes and tracks transactions across multiple locations, providing detailed, real-time insight to a company's overall cash position, Fifth Third said.
Redundancies that typically arise with the management of large amounts of cash have been streamlined or eliminated, making reconciliation easier and more efficient, according to the release.
"We developed a deep understanding of Boston Market's business beyond the transactional element and worked to enhance their current cash management solution," said John Bultema, executive vice president, treasury management and currency processing solutions for Fifth Third Bank. "We're proud to grow our relationship with Boston Market to bring efficiencies that contribute to their overall bottom line."