News

Fifth Third Bank to process AFFN transactions

May 2, 2006

CINCINNATI - The Armed Forces Financial Network (AFFN), an EFT network that provides U.S. military personnel with access to their funds through ATM and point-of-sale terminals worldwide, has awarded Fifth Third Bank Processing Solutions a multi-year contract to provide network switching services.

Fifth Third expects to process more than 150 million transactions annually for AFFN, according to a news release.

The value of the deal was not disclosed. However, according to a Cincinnati Enquirer report, AFFN is one of Fifth Third Processing Solutions' top 10 clients, and the contract represents a multimillion-dollar deal.

Fifth Third Bank also has joined The Association of Military Banks of America and AFFN as a participating financial institution, according to the release. AFFN has approximately 329 member financial institutions and serves 86 million cardholders through more than 90,000 ATMs and more than one million merchant POS locations worldwide.