Two Financial Institutions Sign for Credit Card Services with CMC of Fifth Third Processing Solutions
Fifth Third Processing Solutions is pleased to announce that the following financial institutions have signed multi-year contracts for credit card servicing offered through its CMC line of business:
- AgriBank, FCB, is the largest of five banks within the national Farm Credit System. Headquartered in downtown St. Paul, Minnesota, AgriBank serves as a wholesale lender and business-service provider to a 15-state network of local Associations. CMC will provide processing and servicing for an Association-branded commercial card product to support revolving line of credit accounts in AgriBank’s district, including Customer Service, Lost/Stolen Servicing, Chargebacks, Client Services, Systems Support, Daily Settlement and IVR services.
- Quad City Bancard Inc. (QCBI), incorporated in 1995 and based in Moline, Illinois, provides electronic payment and bank card processing services for consumers, merchants, financial institutions and associations throughout the Quad Cities, Cedar Rapids, Iowa and Rockford, Illinois communities. CMC will provide processing and servicing for the organization’s credit card products, including 24x7 Customer Service, Collections, Disputes and Chargebacks, and Security and Fraud.
“CMC’s proven ability to win new business with these unique, service-focused organizations is a testament to our relentless pursuit of superior quality servicing,” said Dean Happe, vice president and General Manager for CMC. “The confidence shown by these organizations demonstrates the value they see in CMC’s ability to meet their needs today, as well as provide strategies for tomorrow, and we are very pleased to partner with these institutions.”
“We are pleased to have been selected by both AgriBank and Quad City Bancard, Inc. as their processing provider,” said Donald Boeding, president of Merchant Services for Fifth Third Processing Solutions. “We certainly take pride in offering processing functionality and superior customer support, and look forward to helping both institutions provide the best possible servicing solutions to their valued customers.”
Fifth Third Processing Solutions processes over 28.4 billion ATM and POS transactions per year for more than 2,900 financial institutions and over 169,000 retail locations worldwide, including the Armed Forces Financial Network (AFFN), First Niagara Financial Group, Sovereign Bank, The Kroger Co., AutoZone, Abercrombie & Fitch 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 $191.6 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 $120 billion in assets, operates 16 affiliates with 1,311 full-service Banking Centers, including 95 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,354 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. 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, 2008, has $179 billion in assets under care, of which it managed $25 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 on the NASDAQ(R) National Global Select Market under the symbol "FITB." Member FDIC. Equal Housing Lender.