Fifth Third acquires Springbok pre-paid platform
23 September 2010 | 4015 views | 0
Source: Fifth Third
Fifth Third Processing Solutions, LLC, today announced that it has acquired certain assets of Englewood, Colorado based Springbok Services, Inc.
The assets were acquired by Fifth Third Processing Solutions in connection with Springbok's Chapter 11 bankruptcy proceeding and include Springbok's cutting edge reloadable prepaid card processing platform. Founded in 1998, Springbok pioneered and advanced the development of full-service, multi-touch prepaid solutions.
The acquisition enables Fifth Third Processing Solutions to immediately expand its processing capabilities to include Visa® and MasterCard® branded gift cards, general purpose reloadable cards, payroll cards and loyalty programs to further complement its industry-leading debit card and credit card authorization, settlement and back office processing services.
Fifth Third Processing Solutions is the 3rd largest transaction acquirer in the industry as ranked by the Nilson Report, processing 33 billion transactions and over $315 billion in sales volume annually.
"We are fully committed to helping our clients differentiate themselves from their competitors by delivering the technology solutions they need to grow their businesses," commented Charles Drucker, President and CEO of Fifth Third Processing Solutions. "This acquisition is especially exciting because it further complements our existing product offerings and enables us to offer our clients a reloadable prepaid program that utilizes a consolidated transaction infrastructure, which will help them to holistically maximize efficiencies across their company. Our 3,000 financial institution clients will be able to process these transactions using the same connection they have with us today, which will give them speed-to-market advantages in under-penetrated markets such as the unbanked segment. In addition, our merchant clients will be able to offer a proven reloadable card alternative to their customers, using the same single processing platform they use today with us. We are proud to continue and expand our resources to our valued clients!"
In conjunction with the acquisition, key emplkekey employees responsible for Springbok's processing platform development have joined Fifth Third Processing Solutions.