Vantiv Expands Strategic Relationship with Discover to Support PayPal In-Store Checkout
CINCINNATI, Sept. 25, 2012 /PRNewswire/ — Vantiv, Inc. (NYSE: VNTV), a leading, integrated payment processor differentiated by a single, proprietary technology platform, announced today that it has expanded its relationship with Discover Financial Services (NYSE: DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services, to support PayPal In-Store checkout at Vantiv’s brick-and-mortar merchants over the Discover Payment Services infrastructure.
This agreement builds on Vantiv’s already deep relationship with Discover that spans across many facets of its Financial Institution and Merchant Services businesses, including the company’s role as strategic partner for the processing and servicing of Discover’s national merchant portfolio. Vantiv and Discover will work together to open the doors of their respective brick-and-mortar merchants to PayPal’s 50+ million active U.S. account holders and their seamless digital wallet beginning in the second quarter of 2013.
“We are pleased to expand our relationship with Discover. This is a win-win for both companies; it demonstrates Vantiv’s unique position to support new entrants through our single processing platform, and Discover’s unique position to support real change and innovation within the industry. I believe this expansion of our relationship is a testament to both companies’ focus on innovation and commitment to bring choice and convenience to merchants and consumers,” said Charles Drucker, CEO of Vantiv.
“Vantiv is a strong partner in our effort to facilitate PayPal In-Store checkout at millions of merchant locations in the U.S. The team quickly recognized the strategic value of offering PayPal In-Store checkout to their brick-and-mortar merchants, and the importance of being a first mover in bringing an innovative new technology to a competitive multi-channel payment marketplace,” said Diane Offereins, President of Discover Payment Services.
About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV), is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company’s growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit www.vantiv.com.
This press release contains forward-looking statements. Such statements are based upon the current beliefs and expectations of management of Discover Financial Services and Vantiv, and are subject to significant risks and uncertainties. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: unexpected difficulties or delays in executing the proposed initiative, receptivity of marketplace participants to the initiative, changes in and/or regulatory interpretation of laws and regulations that impact the initiative, and other factors affecting the operating of the respective businesses of Discover Financial Services and Vantiv, as applicable. Undue reliance should not be placed on the forward-looking statements in this release, which speak only as of the date of this press release and are based on information available to the companies on the date hereof, and Discover Financial Services and Vantiv assume no obligation or undertaking to update or revise them as more information becomes available. Additional factors that could cause future performance or results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Discover’s Annual Report on Form 10-K for the year ended November 30, 2011, and Quarterly Report on Form 10-Q for the quarter ended May 31, 2012 and Vantiv, Inc.’s most recent registration statement on Form S-1 and quarterly report on Form 10-Q for the quarter ended June 30, 2012, which are on file with the SEC and available at the SEC’s website at www.sec.gov.
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CONTACT: CONTACT: Nathan Rozof, Investor Relations Lynn M. Rhoads, Senior Vice President 866.254.4811 or 513.900.4811 Communications Director IR@vantiv.com 513.900.4942 firstname.lastname@example.org
SOURCE Vantiv, Inc.