Further Demonstrates On-going Commitment to Credit Union Movement
Lynn M. Rhoads,
Senior Vice President
Cincinnati, Ohio, June 28, 2011. Vantiv is pleased to announce that two credit unions have recently signed contracts with the company for single-sourced, comprehensive processing services including: ATM and debit card transaction processing, ATM driving, card production and network gateway access:
General Electric Employees Federal Credit Union (GEEFCU) headquartered in Milford, Connecticut has in excess of $130 million in assets with 12 locations and 10 ATMs and more than 21,000 members. Since its inception in 1940 the GEEFCU has been serving its members in the Milford, Connecticut area with financial products including a full service website that allows for true “Banking From Home” functionality. To learn more visit www.geefcu.com.
Wemelco Credit Union serves more than 1900 members from its Springfield, Massachusetts location. With more than $33 million in assets, Wemelco is an industrial credit union serving the energy industry, including employees and family members of the following companies: Northeast Utilities and its subsidiaries, ISO-New England, and IBEW Locals 7and 455. The Credit Union was founded in 1923. To learn more visit www.wemelco.org.
Vantiv’s product suite also includes ATM terminal driving and monitoring, ATM and debit card transaction authorization and processing, credit issuing and processing services, national and regional gateway services, comprehensive ancillary services including fraud detection, card production, Rewards! product, and other consultative services.
“Our decision to partner with Vantiv was based upon a number of important critical factors for our Credit Union,” explained Leonard V. Summa, Chief Financial Officer, GE Employees Federal Credit Union. “In addition to the powerful processing solutions they offer our Credit Union, they partner with their clients for best-in-class fraud strategies. We discovered they are a superior service partner.”
“We are excited these two credit unions selected us as their preferred processing partner,” stated Royal Cole, President, Financial Institution Services at Vantiv. “Our team is committed to exceeding the expectations of our clients. Vantiv has the people, technology, and resources to fully support all of our valued clients and strengthen their competitive position in the industry for long-term success.”
Vantiv, LLC is one of the largest providers of payment strategies and technology solutions for financial institutions and businesses worldwide. Formed in 1971 and most recently known as Fifth Third Processing Solutions, LLC, the Company builds strategic partnerships with its customers, helping them become more efficient, more secure and more successful. Headquartered in Cincinnati, Ohio, Vantiv, LLC is a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).
Vantiv, LLC supports more than 400,000 merchant and financial institution locations and 12,000 ATMs in 46 states and 8 countries. The company processes more than 11.4 billion ATM and POS transactions and nearly $400 billion in debit and credit sales volume annually. Its subsidiary, NPC, is the largest provider of payment processing services exclusively focused on the small-to-medium merchant processing market. According to the Nilson Report (March 2011), the Company is the largest PIN Debit U.S. acquirer and third largest U.S. merchant transaction acquirer ranked by general purpose transaction volume. For more information, visit www.vantiv.com.