Fifth Third Processing Solutions Earns Visa® Service Quality Award
Fifth Third Recognized for Processing Performance for 14th Consecutive Year
Visa has awarded Fifth Third Processing Solutions one of its prestigious Visa Service Quality Performance Awards for the 14th consecutive year. Based on exceptional card operations performance demonstrated in calendar year 2008, Fifth Third has been distinguished as best-in-class for its 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 is pleased to recognize the award recipients for their consistent, superior operating performance in key areas that directly affect Visa cardholders and merchants,” said Una Somerville, Global Head of Client Support Services, Visa Inc. “Excellence in these areas benefit all participants in the payments processing chain. We congratulate Fifth Third for its many years of success.”
“The exceptional service that our back-office team consistently delivers has led us to 14 consecutive years of recognition from Visa, including 13 wins in the lowest chargeback-to-sales ratio category,” said Charles Drucker, president, Fifth Third Processing Solutions. “Given the current economic climate, it’s more important than ever to help our merchant customers reduce the number of costly exception items and the manual effort needed to research and resolve cardholder inquirers.”
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 is a full-service payment solutions provider delivering innovative technology solutions to financial institutions and businesses. Fifth Third Processing Solutions offers ATM driving, debit card processing, card production services, private label and prepaid card programs to support the complex payment strategies of its clients. Annually Fifth Third processes over 28.4 billion ATM and POS transactions per year for more than 3,000 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. Annually, Fifth Third processes $191.6 billion in credit card sales. According to The Nilson Report (March 2009), Fifth Third is the fourth largest U.S. merchant purchase transaction acquirer.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $119 billion in assets, operates 16 affiliates with 1,315 full-service Banking Centers, including 97 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,359 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 March 31, 2009, has $166 billion in assets under care, of which it managed $23 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."