Washington Trust teams up with Vantiv for merchant services

Tuesday 4 March 2014 13:31 CET | News

The Washington Trust Company, subsidiary of the US commercial bank Washington Trust Bancorp, has entered an agreement with Vantiv, a US-based provider of payment strategies and technology for financial institutions and businesses worldwide.

As per the agreement, Vantiv has purchased Washington Trust’s Merchant Services Portfolio. Washington Trust acquired a gain of almost USD 6.3 million upon the closing of the transaction. In addition, Washington Trust expects to record disinvestment related costs of approximately USD 359,000 in Q1 of 2014.

Vantiv (formerly Fifth Third Processing Solutions) was founded in 1971. Vantiv’s product suite includes ATM terminal driving and monitoring, ATM and debit card transaction authorisation and processing, credit issuing and processing services, national and regional gateway services, ancillary services including fraud detection, card production and other consultative services.

In January 2014, Vantiv has joined forces with AT&T, a communications holding company, providing a mobile payments solution to businesses.

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Keywords: Washington Trust, Vantiv, payments , bank
Categories: Payments & Commerce
Countries: World
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