CINCINNATI - Sovereign Bank (NYSE: SOV) has chosen Fifth Third's (Nasdaq: FITB) electronic payment processing division, Fifth Third Bank Processing Solutions, to provide EFT services, including network gateway access and ATM driving for nearly 1,000 Soverereign machines.
"(Fifth Third Bank Processing Solutions) 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, Sovereign Bank's executive director of Transaction Services, in a news release.
Headquartered in Philadelphia, Sovereign Bank is a $43 billion financial institution with approximately 535 community banking offices, nearly 1,000 ATMs and about 8,400 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.
Fifth Third Bank Processing Solutions processes more than nine billion ATM and point-of-sale transactions per year for more than 1,500 financial institutions and over 198,000 retail locations. Annually, Fifth Third processes $83 billion in credit card sales. According to The Nilson Report, Fifth Third Bank is the fifth largest bankcard acquirer.
