Covendis Number One with Fifth Third

5/3 Bank automates services e-procurement using Covendis SeP platform

Tempe, AZ  September 25, 2001  Fifth Third Bank is automating its process for hiring temporary and contract personnel using services e-procurement software from Covendis Technologies, the software provider announced today.

Fifth Third, a Cincinnati, Ohio-headquartered bank that traces its roots back nearly 150 years, will use Covendis' Services eProcurement (SeP) platform to identify and qualify candidates and manage the services procurement process.

Mary Sue Findley, Fifth Third vice president of human resources, predicted that the Covendis platform will improve the efficiency of the bank's services procurement process and enhance its ability to locate quality candidates to fill temporary positions.

"We have a high conversion rate from temporary to permanent status, so finding the right people for temporary positions is a strategic activity in our business," said Findley. "Covendis gives us access to more and better information about our temporary workforce and suppliers, simplifies the process of buying and managing outsourced staffing services, and allows us to negotiate more competitive service rates."

Covendis SeP automates the process of buying, selling and managing outsourced staffing services. Covendis, formerly known as uWork, says that SeP will allow Fifth Third to interact with a broad range of candidates, qualify them more completely in less time and manage the entire services procurement process electronically.

Raymond Tsao, Covendis' founder and CEO, said that his company's solution would give Fifth Third "purchase-to-pay control" of its service procurement process and help the bank locate the best temporary and contract personnel available at the most competitive rates.

Founded in 1858, Fifth Third Bancorp operates 17 affiliate banks and has approximately $70 billion in assets. In case you were wondering, the bank's name came about following the merger of Third National Bank and Fifth National Bank at the turn of the 20th Century.