Bridgeport-based People’s United Bank and Ohio-based Vantiv Inc. ”“ both publicly held ”“ recently announced a joint venture to provide what the bank termed “the next generation of payment solutions to businesses throughout the People’s United Bank footprint.”
The bank operates 407 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, including 65 in Fairfield County.
Vantiv provides payment processing services and related technology.
The agreement expands upon the debit processing and ATM services Vantiv has been providing People’s United Bank for the past eight years.
People’s United Merchant Services, which represents a joint venture between People’s United and Vantiv, was formed during the second quarter. It will offer payment solutions, according to the bank, “by combining People’s United’s strong reputation and broad access to commercial merchants with Vantiv’s deep payments expertise, innovative products, security tools, technology and processing scale.”
“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. “The relationship highlights our commitment to delivering an outstanding experience to our customers. Vantiv’s consultative approach to selling, along with their innovation in the payment processing industry made it an easy decision to partner with them.”
New 24/7 services include upped levels of security and information for businesses.
