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Fifth Third wins Sovereign Bank payment processing contract

24 February 2004  |  1218 views  |  0

Sovereign Bank (NYSE:SOV) has chosen Fifth Third's (NASDAQ:FITB) electronic payment processing division, Fifth Third Bank Processing Solutions, to provide electronic funds transfer services, including network gateway access and ATM driving for nearly 1,000 Sovereign ATMs.

Sovereign Bank is one of the top 25 largest banking institutions in the United States, with approximately 535 community banking offices and about 8,400 team members in Pennsylvania, New Jersey, Connecticut, New Hampshire, New York, Rhode Island and Massachusetts.

"Fifth Third Bank Processing Solutions appealed to us for many reasons. They have a comprehensive set of technological capabilities, their sales and relationship management is making the conversion process efficient and their wide variety of products and services make me confident this will be a prosperous partnership," said Paul Waters, Executive Director of Transaction Services, Sovereign Bank.

"Fifth Third Bank Processing Solutions has the technology and stability to take Sovereign Bank's electronic payment processing to the next level," said Robert A. Sullivan, Executive Vice President, Fifth Third Bank. "Sovereign Bank is one of the nation's largest financial institutions - and one of the fastest growing. We are looking forward to a long, successful relationship and we consider it a great honor to have the opportunity to work with the company and provide the best electronic transaction processing available."

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