CVS/pharmacy, one of the nation’s leading pharmacy retailers, has chosen Fifth Third Bank Processing Solutions as its provider of credit card, debit card and electronic benefits transfer processing services. Credit card transactions converted in April and debit card and electronic benefits transfer processing services are planned for conversion before yearend. In addition, the company will take advantage of Fifth Third’s Internet-based back-office management system, Fifth Third Direct.
With more than 40 years of dynamic growth in the retail pharmacy industry, CVS has created innovative approaches to serve the healthcare needs of all customers through its over 4,100 CVS/pharmacy stores; its online pharmacy, CVS.comÂ® and its pharmacy benefit management and specialty pharmacy subsidiary, PharmaCare Management Services.
“CVS is committed to being the easiest pharmacy retailer for customers to use,” said Peter Nash, Director of Credit and Collections, CVS Pharmacy. “Fifth Third Processing Solutions is enabling us to expand upon that commitment by providing an integrated back-office system to maximize our efficiencies and enable us to provide the best-possible payment services to our customers.”
Fifth Third Bank Senior Vice President Randall L. Haaff adds, “By delivering a fully-integrated payment processing platform tailored for CVS Pharmacy, Fifth Third is able to act as the company’s strategic partner as it continues to grow.”
Fifth Third Bank Processing Solutions processes over nine billion ATM and POS transactions per year for more than 200,000 retail locations and 1,550 financial institutions worldwide, including The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Annually, Fifth Third processes $97 billion in credit card sales. According to The Nilson Report (March 2003), Fifth Third Bank is the fifth largest bankcard acquirer.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $94 billion in assets, operates 17 affiliates with 970 full-service Banking Centers, including 128 Bank MartÂ® locations open seven days a week inside select grocery stores and 1,845 JeanieÂ® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee and West Virginia. The financial strength of Fifth Third’s affiliate banks continues to be recognized by rating agencies with deposit ratings of AA- and Aa1 from Standard & Poor’s and Moody’s, respectively. Additionally, Fifth Third Bancorp continues to maintain the highest short-term ratings available at A-1+ and Prime-1 and is recognized by Moody’s with one of the highest senior debt ratings for any U.S. bank holding company of Aa2. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and Fifth Third Processing Solutions. Investor information and press releases can be viewed at [www.53.com]. Fifth Third’s common stock is traded through the NASDAQÂ® National Market System under the symbol, “FITB.”