Vantiv
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Formerly called
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Fifth Third Processing Solutions |
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| Public | |
| Traded as | : VNTV |
| Industry | Financial Services, Merchant Services, Technology, Payment processor |
| Founded | 1971 |
| Headquarters | Cincinnati, Ohio, U.S. |
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Key people
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Charles Drucker, CEO |
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Number of employees
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3,600 |
| Website | www |
Vantiv, Inc. is a public U.S.-based payment processing and technology provider headquartered in the greater Cincinnati, Ohio area. Vantiv is the largest U.S. merchant 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 20.1 billion payment transactions and approximately $726 billion in volume annually. As of 2014, Vantiv supports approximately 400,000 merchant locations and more than 17,000 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 Bancorp, Vantiv became a publicly traded company on March 22, 2012, listed on the NYSE under the ticker symbol "VNTV."
In 1971, Fifth Third Bank formed Midwest Payment Systems (MPS) to provide Electronic Funds Transfer (EFT) services to financial institutions. In 1977, Jeanie, the nation's first shared online ATM network was developed and implemented. 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.
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Wikipedia