CINCINNATI - Fifth Third Bank Processing Solutions' ATM processing services is now offering remote key and electronic journal upload for its current and prospective clients.
With the remote key service, financial institutions have the ability to enter DES ATM keys from the Fifth Third host computer without having to physically visit ATMs. The remote key service enables financial institutions to remotely initialize keys in the ATM electronically without human intervention, according to a news release.
The service represents a significant cost savings -- as much as $700 per trip to the ATM --because it eliminates the need for bank personnel and/or a third party to go to the ATM to establish the keys under dual control. The service also saves time by reducing the four-hour manual process to a few minutes, thereby reducing ATM downtime.
Fifth Third Processing Solutions also offers its clients the ability automatically pull electronic journal (EJ) file data from an ATM and upload it through Fifth Third Direct on a daily basis. The service eliminates the need to dispatch personnel to retrieve files, reduces dependency on vendors to save and forward EJ disks to back office, and decreases downtime or out-of-service conditions because files are full.
Fifth Third Bank Processing Solutions processes more than nine billion ATM and point-of-sale transactions per year for more than 202,000 retail locations and 1,650 financial institutions. Annually, Fifth Third processes $97 billion in credit card sales. According to The Nilson Report (March 2004), Fifth Third Bank is the fourth largest bankcard acquirer.
