Capital One Bank has commenced a long-term agreement with Vantiv, the payment processing company.
Under the terms of the agreement, which was announced on Wednesday (July 8) in a statement, Vantiv will supply processing services to the bank’s new and existing Merchant Services customers located throughout the United States.
The companies said that merchant customers will get the benefit of advanced security products and reporting tools from Vantiv, alongside Capital One’s treasury management and merchant ACH transaction services.
“Capital One is committed to providing the most innovative technologies to our business customers,” said Colleen Taylor, executive vice president and head of treasury management and enterprise payments at Capital One Bank. “By partnering with Vantiv, our clients will now benefit from Vantiv’s industry-leading payment tools and services, which are designed to help them focus on what they do best — running and growing their businesses.”
The new announcement expands on a relationship already in place between the two companies, wherein Vantiv had served Capital One’s customers with a range of services that include ATM and debit transactions.
Through its subsidiaries Capital One Financial reported $210 billion in deposits and $306 billion in total assets on the books as of the latest reported quarter that ended Mar. 31, 2015. The bank’s branches are located primarily across the eastern and southern United States, including New York, New Jersey, Texas, Louisiana, Maryland, Virginia and Washington, D.C.
Vantiv said it is the second-largest merchant acquirer and the largest PIN debit acquirer in the United States, based on number of transactions in the U.S. The company has stated that as part of its plan to expand in relatively faster-growing markets, it would seek to boost its presence within the merchant services arena.