News

Vantiv expands presence in Northeast through venture with People's United Bank

The new People's United Merchant Services combines the FI's strong reputation and broad access to commercial merchants with Vantiv's payments expertise, products, security tools, technology and processing scale.

July 18, 2014

People's United Bank, a community-based, regional bank in the Northeast, and Vantiv Inc., a provider of payment processing services and technology, have announced a partnership that will expand the FI's current range of ATM and debit processing services from Vantiv to include small and mid-size merchants in the region. The move will also enable Vantiv to quickly expand its reach into northeastern states in the U.S.

Called People's United Merchant Services, the joint venture was formed during the second quarter. The service combines the FI's strong reputation and broad access to commercial merchants with Vantiv's payments expertise, products, security tools, technology and processing scale.

Both Vantiv and People's United have contributed merchant accounts to the new entity, including the entire People's United Bank merchant portfolio, which inclues a network of 407 retail locations throughout Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

"By joining forces with Vantiv, People's United Merchant Services can provide customers with targeted solutions and advanced technology," said Lee Powlus, senior executive vice president and chief administrative officer at People's United Bank. "Vantiv's consultative approach to selling, along with their innovation in the payment processing industry made it an easy decision to partner with them."

"Our new partnership creates a strong value proposition for winning in the marketplace, which means long-term growth for both companies," said Stephanie Ferris, general manager and senior vice president of financial institution services at Vantiv. "We share a passion for exceeding expectations, and we look forward to doing that together for our customers."