Revolution Money today announced that Fifth Third Bank has joined the RevolutionMoney 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.
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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