Vantiv Introduces First Open Loop Prepaid Program

CINCINNATI, Nov. 29, 2011 /PRNewswire/ -- Vantiv, LLC (formerly Fifth Third Processing Solutions, LLC) one of the nation's leading full service payment solutions providers, introduced today its first prepaid program, offering general purpose reloadable (GPR) cards. The MasterCard^® cards can be branded by participating financial institutions and used anywhere MasterCard is accepted in the United States.

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"Our Financial Institution Services and Merchant Services clients need to meet evolving customer demands," said Bill Weingart, Chief Product Officer at Vantiv. "The launch of our GPR program reflects Vantiv's ongoing commitment to help our clients remain competitive in an ever-changing marketplace."

The demand for prepaid cards is rapidly increasing, according to the Mercator Advisory Group, an independent payment and banking research firm. It is estimated that in 2012, more than $300 billion will be loaded onto open loop prepaid cards, with another $420 billion expected in 2013. Specifically, GPR prepaid cards are predicted to load $120 billion in 2012 and $210 billion in 2013.*

The Vantiv GPR program is designed to offer new revenue opportunities to our participating financial institution clients while equipping them with desirable products to attract and retain customers or members.  Some key benefits of the Vantiv GPR program include:

• Vantiv conducts the fraud monitoring on cards in the program
• Vantiv provides regulatory compliance tools, including OFAC and CIP screening
• Vantiv provides full cardholder customer support
• Client is able to select from preset card designs or create a custom design with the client's name and logo
• Card may be loaded and activated at client's branches via a link directly to Vantiv's web interface
• Cards are managed through Vantiv's secure cardholder management portal

The Vantiv GPR program is part of the family of Vantiv Prepaid programs.  Future Vantiv Prepaid solution offerings will include the single value card, incentive/rebate/reward/disbursement card, payroll card, parent/teen cards and campus cards.

"We are excited to launch our first prepaid program that offers revenue sharing opportunities for our valued clients," said Royal Cole, President, Financial Institution Services at Vantiv.  "Our comprehensive solutions, ongoing support and education that we offer to our clients ensures that banks and credit unions gain best-in-class payment solutions without having to dedicate significant resources to this increasingly complex area of their business."

*Source - Mercator Advisory Group Prepaid Market Forecasts 2010 to 2013, August 2010

About Vantiv

Vantiv, LLC is one of the leading integrated payment processors to businesses and financial institutions of all sizes in the United States.  Formerly known as Fifth Third Processing Solutions, LLC, since 1971, Vantiv has provided payment processing solutions to its clients.  Headquartered in Cincinnati, Ohio, Vantiv, LLC is a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).

©Copyright Vantiv, LLC.  All rights reserved.  Vantiv, the Vantiv logo, and all other Vantiv product or service names and logos are registered trademarks or trademarks of Vantiv, LLC in the USA and other countries.  ®indicates USA registration.

CONTACT:
Lynn M. Rhoads, Senior Vice President
Communications Director
513.900.4942
[email protected]

SOURCE Vantiv, LLC