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Fifth Third Processing Solutions Earns Visa® Service Quality Award
Fifth Third Recognized for Processing Performance for 13th Consecutive Year
For the 13th consecutive year, Visa has awarded Fifth Third Processing Solutions one of its prestigious Visa Service Quality Performance Awards. Based on exceptional card operations performance demonstrated in calendar year 2007, Fifth Third earned top honors for Lowest Chargeback-to-Sales Ratio.
The Lowest Chargeback-to-Sales Ratio category reflects an acquirer’s ability to effectively educate its merchant customers on Visa’s acceptance procedures designed to ensure that transactions are properly processed at the point of sale. Acquirers who educate and monitor their merchants help reduce unnecessary and costly chargebacks and improve performance in this important customer service area.
“Visa bestows these awards on the best processors and acquirers in the industry,” said Una Somerville, Global Head of Client Support Services, Visa Inc. “This is the 13th consecutive year Fifth Third has won a Visa Service Quality Performance Award and it also marks Fifth Third’s 12th win for lowest chargeback-to-sales ratio. We congratulate Fifth Third for its many years of success.”
“To be recognized for our exceptional performance year after year speaks to the talent of our back-office team, who places a high priority on working with our merchant customers to reduce the number of exception items and the manual effort needed to research and resolve cardholder inquirers,” said Charles Drucker, president, Fifth Third Processing Solutions.
Visa established the Service Quality Performance Awards Program in 1992 to recognize exceptional card operations performance by card issuers and acquirers. The awards acknowledge consistent, superior performance and emphasize continued service and quality improvement. Visa recognizes its card issuing, card acquiring and processing clients who achieve and exceed the highest performance standards in operational areas affecting cardholders and merchants. Visa has consistently recognized Fifth Third Processing Solutions for its excellent processing performance since 1995.
Fifth Third Processing Solutions processes over 26.7 billion ATM and POS transactions per year for more than 2,700 financial institutions and over 157,865 retail locations worldwide, including the Armed Forces Financial Network (AFFN), First Niagara Financial Group, Sovereign Bank, The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Through its wholly owned subsidiary, CMC, (www.cmcOne.com) Fifth Third also provides servicing solutions and product engineering for financial institutions and retailers for credit card, debit card, merchant and private label programs. Through its multi-channel contact center, CMC provides multi-lingual customer service, collections, fraud prevention, and other back-office services to thousands of clients throughout the US and Canada. Annually, Fifth Third processes $179.1 billion in credit card sales. According to The Nilson Report (March 2008), Fifth Third Bank is the fourth largest bankcard acquirer.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,227 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,211 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded through the NASDAQ(R) National Global Select Market System under the symbol "FITB."