Fifth Third Processing Acquires Prepaid Card Processor
Fifth Third Processing Solutions, a subsidiary of Fifth Third Bancorp and the new owner of TNB Card Solutions, has expanded its prepaid card processing capability.
The firm acquired Springbok Services, a Colorado-based firm with a reloadable prepaid card processing platform.
The move will allow Fifth Third to start offering its participating credit unions Visa and MasterCard branded prepaid cards, gift cards, payroll cards and loyalty programs.
"We are fully committed to helping our clients differentiate themselves from their competitors by delivering the technology solutions they need to grow their businesses," said Charles Drucker, 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."