The United States Postal Service has picked Vantiv to provide it with an array of payment solutions and processing services. The partnership will include risk and data security solutions, encryption and tokenization technology, and more.
The financial terms of the partnership were not immediately available. Vantiv says that its technology will be used at more than 33,000 USPS locations in the United States, Asia, and Latin America.
Talking about the agreement, group president of merchant and financial institution services at Vantiv, Royal Cole said that his company’s “highly flexible, scalable, and easily integrated solutions” were ideal for the kind of sizable retail customer base served every day by the USPS. “This contract with the Postal Service is another example of how the strength of Vantiv’s omnichannel commerce-solutions, innovative capabilities, and service leadership is helping us win new clients,” said Cole.
(Left to right): Coy Christensen, VP product development, and Jesse Kunicki, development manager, for Vantiv, demonstrated TriPOS at FinovateFall 2014 in New York.
Founded in 1971 and headquartered in Cincinnati, Ohio, Vantiv made its Finovate debut last year at FinovateFall 2014 where it presented its TriPOS payment-integration platform. The third-largest merchant-transaction acquirer in the United States, and the number-one PIN debit acquirer, Vantiv processes 17 billion payment transactions and more than $600 billion in volume each year. Vantiv became a public company in March 2012 (market cap $6 billion), and trades under the NYSE symbol, VNTV.
In recent years, Vantiv has launched a variety of omnichannel, e-commerce solutions such as Vantiv Mobile Checkout and Vantiv Mobile Accept in partnership with AT&T and Sprint. The company has been an active acquirer, scooping up Element Payment Services in 2013 for $163 million and Mercury Payment Systems in 2014 for $1.65 billion.