Fifth Third Bank Begins Live Processing with Endpoint Exchange
June 21 2007 - 8:05AM
Business Wire
Endpoint Exchange LLC, a Metavante company, today announced the
addition of Fifth Third Bank (NASDAQ:FITB) to the company�s growing
national check image exchange network. With assets of $99.8
billion, Fifth Third Bancorp is one of the largest financial
services holding companies in the United States, operating 1,168
banking offices in 10 states throughout the Midwest. Endpoint
Exchange, a leading national check image exchange network, will
provide Fifth Third Bank with the full interoperability to
exchange, clear and settle check images with more than 4,000
financial institution endpoints across the country, regardless of
asset size. Fifth Third will connect to Endpoint Exchange through
an established connection with the SVPCO Image Payments Network.
SVPCO and Endpoint Exchange announced on April 18, 2007 that member
financial institutions of both systems can now exchange check data
and images. With the network interoperability, Fifth Third will
exchange check images with thousands of mid-range and community
financial institution members of Endpoint Exchange in every Federal
Reserve district. "Membership with Endpoint Exchange extends our
strategic plan to realize the long-term efficiencies of image
exchange," said Donald Coleman, vice president, Payment Services,
Fifth Third Bank. "Going live and successfully exchanging images
through Endpoint Exchange was an important milestone for Fifth
Third. Endpoint Exchange�s comprehensive suite of image exchange
solutions will allow us to take full advantage of the efficiencies
and cost savings of electronic check image exchange.� �Fifth Third
Bank continues to deploy innovative payment solutions, moving ahead
aggressively to clear and settle payments electronically,� said Jim
Fancher, general manager, Endpoint Exchange LLC. �The large daily
volume of check images that Fifth Third sends through Endpoint
Exchange will, in turn, help Endpoint Exchange member institutions
significantly increase the efficiency and profitability of its
check clearing and settlement operation.� Endpoint Exchange has
become a leading electronic check image exchange provider for the
financial services industry. Endpoint Exchange�s support of all
industry-standard exchange formats provides the full cross-platform
interoperability that financial institutions need to exchange check
images in a multi-lateral environment. About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $99.8 billion in
assets, operates 18 affiliates with 1,168 full-service Banking
Centers, including 108 Bank Mart� locations open seven days a week
inside select grocery stores and 2,120 Jeanie� ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Pennsylvania and Missouri. Fifth Third operates five main
businesses: Commercial Banking, Branch Banking, Consumer Lending,
Investment Advisors and Fifth Third Processing Solutions. Fifth
Third is among the largest money managers in the Midwest and, as of
March 31, 2007, has $225 billion in assets under care, of which it
manages $34 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 through the NASDAQ� National Global Select Market System
under the symbol �FITB.� Member FDIC. About Endpoint Exchange LLC
Endpoint Exchange enables U.S. financial institutions to clear
their check-based transactions by exchanging check images between
member institutions. Endpoint Exchange (www.endpointexchange.com)
is the country�s first electronic check-clearing network that
capitalizes on existing imaging infrastructure and settlement
relationships, with the interoperability to connect to every
endpoint in the nation. Metavante Corporation (www.metavante.com)
is a leading provider of image-based check processing and
distributed image-capture solutions, which include Endpoint
Exchange. Metavante delivers banking and payment technologies to
financial services firms and businesses worldwide and is wholly
owned by Marshall & Ilsley Corporation (NYSE:MI). On April 3,
2007, Marshall & Ilsley Corporation announced its plans to
split Metavante Corporation and Marshall & Ilsley Corporation
into independent publicly traded companies. Metavante and Endpoint
Exchange are registered trademarks of Metavante Corporation.
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