Fifth Third announced its acquisition of DTS Connex, a leader in cash management software solutions for multi-location businesses such as retailers, restaurants and healthcare providers. The acquisition adds expanded capabilities in cash logistics offerings, infrastructure and risk management to Fifth Third’s Commercial Payments business. DTS Connex’s technology solutions address the complex and complicated needs of clients seeking 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," said Bridgit Chayt, head of Commercial Payments. "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."
"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. "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."
Fifth Third’s Commercial Payments business offers innovative products and solutions to help customers do the things they need to do better, faster and with more control and efficiency. In recent years, strategic integration of payments technology solutions has further differentiated the Bank’s offering. In May 2023, the Bank acquired Big Data Healthcare LLC, a technology solutions provider for healthcare payments and remittance, and Rize Money Inc., an embedded payments platform.
The Bank then launched Newline by Fifth Third, which delivers modern technologies for a seamless embedding of financial services into client platforms and products, with the highest standards of performance, scalability and risk management. Newline has since been selected by industry leaders, including Trustly and Stripe, to expand their capabilities. In 2024, Stripe selected Newline to power Stripe Treasury and expand embedded financial services for its platform users and clients.
"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. "Its focus on the client experience is clear, and I deeply value the expertise and strong partnerships its team will bring to the table."
Effective August 1, DTS Connex became a wholly owned subsidiary of Fifth Third. DTS will continue to operate independently as a stand-alone business, maintaining its commitment to serving clients with the same level of excellence and service as prior to the acquisition. The financial terms of the transaction were not disclosed.