ST. PETERSBURG, Fla., Feb. 5 /PRNewswire/ -- Fifth Third Processing Solutions, a leading payment processor, and Revolution Money Inc., a secure, interchange-free payment platform, today announced an agreement under which the RevolutionCard(TM) can be accepted by Fifth Third Processing Solutions' merchant customers across the United States, through Fifth Third's Jeanie(R) network. Under the agreement, Fifth Third Processing Solutions will provide gateway processing services that will enable other merchants and ATM processors to also efficiently connect to Revolution Money and to offer the RevolutionCard to their merchant customers. This marks the first processor relationship forged by Revolution Money, which launched its RevolutionCard product in September 2007. With no interchange fees and reduced chargeback and fraud risk, the RevolutionCard creates substantial cost savings for merchants - savings merchants can pass back to the consumer in the form of loyalty programs and incentives. And as the first PIN-based credit card, the RevolutionCard means less worry for cardholders knowing that if they lose their card, an unauthorized person cannot use the card without knowledge of their PIN. Additionally, RevolutionCard reduces chance of identity theft as the card does not display a cardholder's name or signature. These consumer-oriented security features benefit merchants by helping to reduce chargeback and fraud risk. "The agreement with Fifth Third Processing Solutions is an important milestone for our company, which is focused on building marketplace acceptance among merchants for the RevolutionCard," said Jason Hogg, President and CEO, Revolution Money. "Fifth Third Processing Solutions has long been a pioneer and innovator in the payments industry. We're extremely pleased that they are the first card acceptance processor to recognize the benefits that RevolutionCard brings to merchants and ultimately to consumers. The unique combination of their gateway capabilities, technical agility, and the Jeanie(R) network made Fifth Third Processing Solutions the ideal launch partner. " Angela Brown, Fifth Third Processing Solutions senior vice president and general manager of Financial Institution Services added, "Our agreement with Revolution Money reflects our continued focus and commitment to bring innovation and choice to our valued merchant partners by leveraging our strong gateway processing capabilities." "Both Fifth Third Processing Solutions and Revolution Money seek to bring value to merchants by introducing innovative payment offerings," said Duncan Evans, Senior Vice President and General Manager, Retail Business, Revolution Money. "Our relationship with Fifth Third Processing Solutions enables merchants of all sizes to begin saving money by accepting the RevolutionCard, and enables our cardholders to use their cards for their everyday purchases throughout the country." About Fifth Third Bank Processing Solutions Fifth Third Processing Solutions processes over 26.7 billion ATM and POS transactions per year for more than 2,600 financial institutions and over 156,000 retail locations worldwide, including the Armed Forces Financial Network (AFFN), First Niagara Financial Group, Sovereign Bank, The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Through its wholly owned subsidiary, CMC, (www.cmcOne.com) Fifth Third also provides servicing solutions and product engineering for financial institutions and retailers for credit card, debit card, merchant and private label programs. Through its multi-channel contact center, CMC provides multi-lingual customer service, collections, fraud prevention, and other back-office services to thousands of clients throughout the US and Canada. Annually, Fifth Third processes $179.1 billion in credit card sales. According to The Nilson Report (March 2007), Fifth Third Bank is the fourth largest bankcard acquirer. About Revolution Money Launched in 2007, a secure, interchange-free payment platform - Revolution Money - was created to deliver significant value to both consumers and merchants through two products, RevolutionCard and Revolution MoneyExchange(TM). The RevolutionCard eliminates costly interchange fees for merchants while simultaneously providing consumers with enhanced PIN-based security, identity protection and numerous merchant discounts and incentives. MoneyExchange is an online payment service that offers its accountholders an easy, secure and free way to instantly send and receive money online to other accountholders. These products are leading the transformation of the payment industry by providing secure, easy, and instant payment solutions for everyone. St. Petersburg, Florida-based Revolution Money is part of the family of companies within Revolution LLC, which was founded by Steve Case to drive transformative change by shifting power to consumers. Revolution Money, the payments company backed by Steve Case's Revolution LLC, today announced it has received $42 million in Series C funding from a Goldman Sachs affiliate (a new investor), as well as AOL co-founder Case, Revolution Money Chairman Ted Leonsis, former Charles Schwab CEO David Pottruck, former JP Morgan Vice Chairman David Golden, Citigroup Inc. and Morgan Stanley. Today's funding follows a Series B investment round of $50 million led by Citigroup Inc., Morgan Stanley and Deutsche Bank in September 2007. The Internet-based, proprietary RevolutionCard Network today supports the following products Revolution Card and Revolution Exchange. RevolutionCard - a general-use credit card that charges no interchange fees and only a half-percent processing fee per transaction to accept - up to an 80 percent savings over other credit card offerings. Merchants turn some of these savings into customer loyalty and cash-back programs. The PIN-based card also offers the best identity theft available, as the card itself bears no personal information about the cardholder. Today, RevolutionCard is accepted at more than 650,000 merchant locations and 85 percent of all ATMs throughout the U.S. Consumers can apply for a RevolutionCard at www.RevolutionCard.com. With more than 400,000 current users, Revolution MoneyExchange is a free online P2P payments service that enables users to exchange money for free. Consumers can start transferring money to friends, family, or merchants online by registering at www.RevolutionMoneyExchange.com. Users can also access their online funds at all merchants and ATMs on the RevolutionCard Network. RevolutionCard today is accepted by Barnes & Noble, Bed Bath & Beyond, Bloomingdale's, Buy.com, CVS, KOHL's, Macy's, Marshalls, Walgreen's, Nordstrom, Office Depot, Office Max, T.J. Maxx, Whole Foods and other retail locations.
Fifth Third Processing Solutions and Revolution Money Announce Partnership to Enable RevolutionCard to be Accepted at Merchant Locations Across the U.S.
- Fifth Third Processing Solutions to Provide Gateway Processing for RevolutionCard -
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