Fifth Third has acquired DTS Connex, a leader in cash management software solutions for multi-location businesses, officials with the companies said on Aug. 20.
The acquisition adds expanded cash logistics offerings, infrastructure and risk management to Fifth Third’s commercial payments business, the companies said. DTS Connex provides solutions to increase efficiency, transparency and oversight in cash logistics management.
“Within commercial payments, we’ve built a robust cash processing business that strengthens client relationships beyond traditional payment services,” Bridgit Chayt, head of commercial payments with Fifth Third, said. “This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing. The DTS Connex team brings unmatched expertise, technology, and scale—empowering us to deliver more integrated, innovative service solutions to our clients and the industry. This is a pivotal milestone in our commitment to simplify payments through client-centric innovation.”
Cincinnati, Ohio-based Fifth Third said it processed $17 trillion in payments volume in 2024 and is the sixth largest commercial payment provider by revenue. The bank also ranks second in coin and currency revenue and in retail lockbox remittances, as well as third in wholesale lockbox remittances and firth in account reconciliations.
“Fifth Third’s cash processing business has been at the forefront of industry innovation for more than 15 years,” Robert Norman, Fifth Third’s director of cash logistics strategy, said. “We collaborated with DTS Connex on the development of its deposit tracking solution, which was a key component in its Cash Vault Direct offering. This acquisition will allow for continued strategic partnerships and forward-thinking cash logistics software solutions that will accelerate growth across the sector.”