ST. PETERSBURG, Fla.--(Business Wire)--
Revolution Money today announced that Fifth Third Bank has joined the Revolution Money network as an issuing bank. The combination of Fifth Third Bank`s card-issuing capabilities with Revolution Money`s marketing and customer servicing and communication capabilities will provide a robust platform for
expanded adoption of RevolutionCard.
"With Fifth Third as an issuing bank we have our largest opportunity yet to significantly grow the RevolutionCard business," said Jason Hogg, founder and CEO of Revolution Money. "Our partnership coincides with a time when consumers are looking for the type of embedded value in every purchase that Revolution Card provides."
With no interchange fees, RevolutionCard creates substantial cost savings for merchants - savings they today are passing back to consumers in the form of loyalty programs and incentives. As the first PIN-based credit card, RevolutionCard provides cardholders peace-of-mind knowing that if they lose their card an unauthorized person cannot use it without their PIN. Additionally, RevolutionCard reduces the 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.
"We are excited to join the Revolution Money network and about the opportunity it creates by providing Fifth Third with a new card distribution channel to supplement our existing distribution channels," said Jon Groch, Fifth Third Bank director of Bankcard Services. "We are confident that the value proposition the Revolution Card provides will attract loyal customers seeking everyday value, and enhanced security from their credit card."
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart locations open seven days a week inside select grocery stores and 2,362 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2009, has $180 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations. Investor
information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ National Global Select Market under the symbol "FITB." Member FDIC.
About Revolution Money
Revolution Money, a secure, interchange-free payment platform, was created to deliver significant value to both consumers and merchants through two products, RevolutionCard and Revolution MoneyExchange. 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 AOL co-founder Steve Case to drive transformative change by shifting power to
consumers. www.revolutionmoney.com.
Fifth Third Bank
Stephanie Honan, 513-534-6957
stephanie.honan@53.com
OR
Revolution Money
Brad Burns, 202-776-1400
brad.burns@revolution.com
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