Visa Inc has recognized Fifth Third Processing Solutions for its efficiency in card transaction processing.
Fifth Third is the company which purchased TNB Card Services, the card processing arm of credit union owned Town North Bank, on July 6.
Visa recognized Firth Third with its Visa Global Service Quality Performance Award for the processor's "lowest assured transaction rate." The lowest assured transaction rate goes to the processor that can process transactions most quickly and accurately with the lowest percentage being diverted to Visa's stand in processing system.
Visa's stand in processing program allows the card brand to process transactions for a processor when that processor might be overwhelmed by transaction volume. This was the 15th year that Fifth Third earned Visa's recognition.
"We congratulate Fifth Third Processing Solutions for qualifying 15 consecutive years to receive a Service Quality Award," said William M. Sheedy, Group Executive, The Americas, Visa, Inc. "Visa has expanded this awards program to include all domestic and international transactions processed through VisaNet in calendar year 2009. This award acknowledges consistent, superior performance, and continued service quality improvements directly affecting Visa cardholders and merchants."