Fifth Third Bank is bolstering its cash logistics offerings with the recent acquisition of software firm DTS Connex, announced Wednesday.
DTS Connex, which was founded in 1996 and provides cash management solutions to retailers, restaurants and health care providers, became a wholly owned subsidiary of Fifth Third on Aug. 1. It will continue operating independently as well as expand Fifth Third’s commercial payments business.
The bank is the sixth-largest commercial payments provider by revenue, according to a release, having processed $17 trillion in payments in 2024.
“Within Commercial Payments, we’ve built a robust cash processing business that strengthens client relationships beyond traditional payment services,” said Bridgit Chayt, head of commercial payments, in a prepared statement. “This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing.”
Chayt called the deal a “pivotal milestone in our commitment to simplify payments through client-centric innovation."
Financial terms of the transaction were not disclosed.
“Fifth Third’s cash processing business has been at the forefront of industry innovation for more than 15 years," said Robert Norman, director of cash logistics strategy.
Fifth Third previously collaborated with DTS Connex on the development of a deposit tracking solution, according to Norman, who said the deal will boost growth across the cash management sector.
This marks the bank’s first acquisition since 2023, when it purchased health care payments platform Big Data Healthcare and embedded payments firm Rize Money. Newline, Fifth Third’s embedded payments business, was born partially out of its Rize acquisition, in combination with its own legacy system.
Stripe tapped Newline last year to power Stripe Treasury and expand embedded financial services to its own clients and users.
“Fifth Third’s dedication to relationships and innovation is what makes them a leader in the industry,” said Lou Salafia, founder and CEO of DTS Connex, in a prepared statement. “Its focus on the client experience is clear, and I deeply value the expertise and strong partnerships its team will bring to the table.”
