April 8 - Vantiv Inc. (NYSE: VNTV), a provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, has announced that it was 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.
Vantiv's integrated processing platform continues to enable the Company to quickly integrate new technologies such as EMV. This, combined with Vantiv's comprehensive suite of payment solutions, represents the company's continued investments in its core processing platform, emerging technologies and strong execution capabilities, which expand choice and acceptance options for merchants nationwide.
"The liability shift program gives all parties a stake in applying the highest level of security to each transaction," said Mike Weitzman, group executive, U.S. Markets at MasterCard. "This milestone demonstrates Vantiv's commitment to ensuring their clients have a seamless experience as the industry goes through this transition. We will continue to work with Vantiv in preparing the groundwork to support smarter transactions today and drive future innovations."
Vantiv's network drives nearly 13,000 ATMs for financial institutions across the United States, many of whom operate mixed-vendor fleets comprised of ATMs from NCR (NYSE: NCR) and other manufacturers.
"We are proud to be the first U.S. acquirer to meet MasterCard's EMV requirements for these two key processing channels," said Carlos Lima, chief operating officer at Vantiv. "These efforts are a testament to our strengths in quickly implementing new payment technologies and compliance standards for our clients, which helps them stay ahead of the curve during industry transitions such as the EMV migration."
Along with meeting MasterCard's EMV processing requirements, Vantiv has also been certified to process EMV transactions on the NCR APTRA Edge ATM software platform.
Beginning in late April, Vantiv will deploy its EMV processing solution at People's United Bank. At that time, cardholders in the Greater New York Area will be able to conduct EMV transactions at selected ATMs operated by the bank. People's United Bank will be the first Vantiv client to provide EMV acceptance for their cardholders.
"Vantiv continues to be a proactive, consultative partner in meeting all our ATM processing needs," said Ted Josephson, first vice president, product management and development at People's United Bank. "Their work to help us meet this milestone ahead of schedule is representative of their agile execution capabilities."
As a leader in the payments industry, Vantiv is the only U.S. headquartered acquirer to serve on the Board of Advisors of EMVCo and theSmart Card Alliance EMV Migration Forum Steering Committee Board. The company also participates as a key member of the Merchant Advisory Group's EMV Forum. For more information about Vantiv, please visit www.vantiv.com.