DadeSystems, a Miami, Fla.-based provider of integrated receivables solutions, received a strategic investment from Fifth Third Capital Holdings, an indirect wholly-owned subsidiary of Fifth Third Bancorp.
The amount of the deal was not disclosed.
The company will use the funding to expand product engineering and support efforts.
Led by Bill Zayas, president and CEO, DadeSystems provides integrated receivables solutions to clients in multiple industries, including banking, distribution, food and beverage, manufacturing, transportation, wholesale, property management, health care, retail, travel and agriculture.
DadePay AR Automation, part of an SaaS suite of integrated products, automatically captures all incoming payments, including cash, checks, ACH, EFT and credit cards. Using patented technologies and machine learning, payments are automatically matched to open invoices and update companies’ ERP systems. All checks received are electronically transmitted to the bank for immediate deposit. The DadePay product suite also includes an ePayment customer portal and Mobile AR application. The DadePay ePayment customer portal allows companies to send notifications and alert customers when payments are due.
DadePay Mobile allows sales and delivery drivers to capture images of checks and remittances and electronically transmit them to AR Automation for immediate processing. The entire product suite is part of a single enterprise solution.
DadeSystems and Fifth Third Bank also announced a strategic relationship and launched Fifth Third Expert AR, which, powered by DadeSystems’ DadePay solutions, will offer intelligent invoice matching and payment re-association technology.