Vantiv, Inc. is a public U.S.-based payment processing and technology provider headquartered in the greater Cincinnati, Ohio area. Vantiv is the largest PIN Debit U.S. acquirer and third largest U.S. merchant transaction acquirer ranked by general purpose transaction volume.
The company provides payment and technology services to merchants and financial institutions in the U.S. and processes more than 16.9 billion payment transactions and approximately $611 billion in volume annually. As of 2014, Vantiv supports approximately 400,000 merchant locations and more than 12,000 automated teller machines (ATMs) in 46 states and eight countries.
The company's merchant base includes customers in vertical markets such as retail, restaurant, government, e-commerce, supermarket, drug store, business to business and consumer services. Its financial institution base includes diverse set of financial institutions, including regional banks, community banks, credit unions and regional personal identification number (PIN) debit networks.
Formerly known as Fifth Third Processing Solutions, the company adopted the name "Vantiv" in June 2011 as a step towards becoming a public company. Previously a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB), Vantiv became a publicly traded company on March 22, 2012, listed on the NYSE under the ticker symbol "VNTV."
History
In 1971, Fifth Third Bank formed Midwest Payment Systems (MPS) to provide Electronic Funds Transfer (EFT) services to financial institutions. In 1991, MPS expanded to offer Merchant Services. In 2000, MPS acquired Integrated Delivery Technologies, Inc. (IDTI), Cartel Network and ACI Merchant Services.
In 2003, Midwest Payment Systems adopted the name Fifth Third Processing Solutions. In 2006, the company acquired Card Management Corporation (CMC) to provide a broader range of processing services. Several years later, in 2009, Fifth Third Processing Solutions spun off from Fifth Third Bancorp and was launched as a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp.
By the end of 2010, the company had acquired TNB Card Services, National Processing Company (NPC) and certain assets of Springbok Services, Inc. Prepaid Platform. In June 2011, Fifth Third Processing Solutions assumed the Vantiv name.
Vantiv became a publicly traded company on March 22, 2012, listed on the NYSE under the ticker symbol "VNTV."
In December 2012, Vantiv acquired privately held Litle & Co. for $361 million. Litle develops e-commerce payment processing solutions that are used by companies that accept payments for goods and services online, via phone, and via mail. Vantiv said it would integrate Litle's technologies into its point-of-sale and e-commerce processing offerings.
In April 2013, Vantiv became the first U.S. acquirer to complete MasterCard's testing requirements to process EMV transactions for MasterCard, Maestro and Cirrus brands at both ATM and at the point-of-sale locations.
In July 2013, Vantiv announced an agreement to acquire privately held Element Payment Systems. Element is the industry-leading provider of fully integrated PCI DSS compliant payment processing solutions for merchants and business management software providers.
On May 12, 2014, Vantiv confirmed a $1.65B acquisition of Mercury Payment Systems LLC.
Merchant Relationships
Vantiv enables merchants of all sizes to accept and process credit, debit and prepaid payments and provide them supporting services, such as information solutions, interchange management and fraud management, as well as vertical-specific solutions in sectors, such as grocery, pharmacy, retail, petroleum and restaurants, including quick-service restaurants (QSRs). Its client base includes nearly 400,000 merchant locations.
Vantiv maintains a number of relationships with large and small merchants including Barnes & Noble, Dollar General, The Kroger Company, Walgreens, Kohl's, Macy's, Inc and T.J. Maxx, and restaurants including In-N-Out Burger, T.G.I. Friday's, Wendy's International, Inc.and Bob Evans.
Financial Institution Relationships
Vantiv works with financial institutions to develop programs and tools to simplify payment strategies. The company's financial products include credit cards, ATM processing, merchant services, rewards and fraud prevention. Additionally, Vantiv assists financial institutions with pre-paid and gift cards, card personalization, debit PIN processing, cardholder eServices and more.
Vantiv provides payment strategies and technologies to over 1,350 financial institutions, including more than 700 credit unions throughout the U.S. Vantiv provides payment strategies and technologies to over 1,300 financial institutions, supporting over 33 million debit cards and processing more than 15.7 billion transactions each year.
References
External links
- Vantiv Official Website
- NPC Official Website
- Litle & Co. Official Website
- Element Payment Solutions Official Website
- Mercury Official Website
Interesting Informations
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