CINCINNATI and LONG BEACH, N.Y., March
21, 2011 /PRNewswire/ -- Fifth Third Processing Solutions, a
premier full service payment solutions provider today announced
that its Pay in Your Currency service, powered by Planet
Payment, Inc. (LSE: AIM: PPT and PPTR; OTCQX: PLPM), a leading
multi-currency and data processor, is being offered to the ATM
terminal and processing clients of Fifth Third Processing
Solutions. This new service, also known in the industry as
Dynamic Currency Conversion, allows international cardholders using
eligible cards to see the final amount of a cash withdrawal in
their home currency at the time of the transaction.
Without Pay in Your Currency, if an international
cardholder withdraws U.S. Dollars from an ATM, the transaction is
subsequently converted to their home currency by their bank or card
issuer. Given the timing of the conversion, the cardholder is
not able to determine the final withdrawal amount until they
receive their account statement from their financial institution.
The service announced today provides greater clarity and
convenience to the cardholder by providing them the option to
convert the transaction at the time of the withdrawal. If the
cardholder chooses to have the transaction converted, the amount in
their local currency that they see on the ATM screen is the exact
amount that will appear on their financial institution's account
statement.
"We believe that the Pay in Your Currency service is an
important addition to our suite of ATM product solutions," said
Royal Cole, President, Financial
Institution Services at Fifth Third Processing Solutions.
"Our valued financial institutions partners rely on Fifth
Third Processing Solutions for leading edge and innovative products
that can help them drive additional revenue, as well as provide
important value-add features for their ATM programs. Pay
in Your Currency is another example of our ongoing commitment
to provide solutions to our processing clients that help deliver
greater profitability and an overall better customer experience for
their valued customers."
Fifth Third Processing Solutions and Planet Payment have been
offering a Dynamic Currency Conversion service to retailers in the
U.S. market since 2004. Through this expanded relationship,
the Service will be available on the 11,000 ATMs which Fifth Third
Processing Solution manages on behalf of their current customer
base of almost 2,000 financial institutions across the United States. The targeted launch
date of the Service is early in the third quarter of 2011.
"We are excited to launch our new ATM product with Fifth
Processing Solutions, one of the leading providers of ATM product
and processing solutions in the United
States," said Philip Beck,
Chairman and CEO of Planet Payment. "Fifth Third Processing
Solutions and Planet Payment have been successfully offering
multi-currency processing solutions to their merchant partners
since 2004 and it is a natural extension for Fifth Third Processing
Solutions to now offer this same convenience throughout their EFT
processing partners."
About Planet Payment
Planet Payment's Common shares trade in the UK on AIM under the
symbols PPT for unrestricted Common shares and PPTR for Reg S
Common shares and in the United
States on the OTCQX under the symbol PLPM.
Planet Payment is a leading international payment and data
processor, providing banks and their merchants with innovative
solutions to accept, process and reconcile payments, anytime,
anywhere and in any currency. Our customer base of more than 45
acquiring banks and processors stretches from North America, to the Middle East, to Asia
Pacific, including China,
Hong Kong, Macau, Taiwan, Malaysia and India.
Planet Payment is headquartered in New
York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong
Kong, Shanghai and
Singapore. Visit
www.planetpayment.com for more information on the Company and its
services. For up-to-date information follow Planet Payment on
Twitter at @PlanetPayment or join Planet Payment's page on
Facebook.
CONTACT:
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Lynn M. Rhoads,
Senior Vice
President
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James Kershaw
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Communications
Director
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Director of International
Sales
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Fifth Third Processing
Solutions
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Planet Payment
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513.534.7742
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+44 121 501 1769
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lynn.rhoads@53.com
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jkershaw@planetpayment.com
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HJMT Communications, LLC (US PR
for Planet Payment)
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Hilary Topper
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516.997.1950
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Hilary@hjmt.com
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Redleaf Polhill (UK PR for
Planet Payment)
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Emma Kane / Henry Columbine /
Luis Mackness
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+44 20 7566 6700
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planet@redleafpr.com
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Fifth Third Processing Solutions, LLC delivers innovative
payment transaction processing and acceptance solutions to create
and support complex payment strategies for merchants, businesses,
and financial institutions around the world. A pioneer in card
payment acceptance in the early 1970s, Fifth Third Processing
Solutions is headquartered in Cincinnati,
Ohio, and is a joint venture with Advent International and
Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).
As a premier full service payment solutions provider, the
Company provides servicing solutions and product engineering for
financial institutions’ and retailers’ credit card, debit card,
merchant and private label programs, processing over 11.4 billion
ATM and point of sale transactions and over $378 billion in debit and credit card sales
volume annually. Its subsidiary, NPC, is the largest provider of
payment processing services exclusively focused on the
small-to-medium merchant processing market. The Company
supports over 408,000 merchant and financial institution locations
and 11,000 ATMs in 44 states and 8 countries. According to the
Nilson Report (March 2011), the
Company is the third largest U.S. merchant transaction acquirer.
Learn more at www.FTPSLLC.com.
SOURCE Fifth Third Processing Solutions