Thursday, September 23, 2010
Fifth Third buys Springbok's prepaid platform
Fifth Third Processing Solutions LLC, the third largest U.S. acquirer, purchased certain assets of prepaid processor Springbok Services Inc, which filed for bankruptcy in July 2010. Among the assets acquired was Springbok's reloadable prepaid card processing platform.
Fifth Third said the acquisition enables the acquirer to expand its processing capabilities to include Visa Inc. and MasterCard Worldwide branded gift, general purpose reloadable, payroll cards and loyalty cards.
"Our 3,000 financial institution clients will be able to process these transactions using the same connection they have with us today, which will give them speed-to-market advantages in under-penetrated markets such as the unbanked segment," said Charles Drucker, President and Chief Executive Officer of Fifth Third Processing Solutions.
"In addition, our merchant clients will be able to offer a proven reloadable card alternative to their customers, using the same single processing platform they use today with us," he added.
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