Fifth Third Processing Solutions, a provider of payment transaction processing and acceptance solutions, has selected Open Solutions, a provider of integrated data processing technologies for banks and credit unions, as a preferred partner for its electronic funds transfer (EFT) services.

As a preferred partner, Open Solutions will promote Fifth Third Processing Solutions’ services to its financial institution clients utilizing the company’s relational core processing platforms.

The relationship between Open Solutions and Fifth Third Processing Solutions is expected to offer various benefits to the clients of both organizations. Financial institution clients may realize streamlined billing with a combined single invoice that includes both their core and EFT services. In addition, processing partners of both companies are able to take advantage of preferred pricing. The lower costs, coupled with streamlined billing activity, are designed to increase operational efficiencies for mutual customers.

Fifth Third Processing Solutions’ product suite includes ATM terminal driving and monitoring, ATM and debit card transaction authorization and processing, national and regional gateway services, comprehensive ancillary services including fraud detection, card production, rewards product and other consultative services. The company shares approximately 60 mutual clients running Open Solutions’ core processing platforms, DNA and TotalPlus.

Royal Cole, president of financial institution services at Fifth Third Processing Solutions, said: “We value these preferred partner relationships and are pleased to expand our relationship with Open Solutions. We are confident that our best-in-class processing will allow Open Solutions to deliver on their commitment to assist their clients and prospects with quality programs. We look forward to working with and providing services to their valued processing clients.”

David Mitchell, chief marketing officer at Open Solutions, said: “We’re confident in this agreement because Open Solutions and Fifth Third Processing Solutions share the same philosophy: design and deliver innovative technology and back it with superior customer service. Our mutual clients will benefit greatly from our shared resources.”