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Regional Bank Third Fifth On Tuesday, it announced a deal that will make fintech company Brex the provider of its business cards and expense management tools for business clients.
The software will run on BRICS’ embedded payments platform, which allows banks to issue corporate cards and automate expense reports using artificial intelligence tools, the companies said in a statement.
The move shows how some banks are choosing to partner with fintech companies rather than building their own platforms to keep up with customers’ evolving technological expectations. Fifth Third Bank is working to acquire Comerica, a deal that is expected to make it the ninth-largest US bank with assets of about $288 billion.
“Our partnership with Brex is a commitment to redefining how companies leverage financial technology,” Tim Spence, CEO of Fifth Third, said in a statement. “By combining the power of a leading bank with BRICS’ AI-driven innovation, we are creating intelligent solutions that simplify complexity, increase efficiency and enable companies to scale globally with confidence.”
The financial terms of the deal were not disclosed.
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