Vantiv Named CBA’s Sole EFT Processing Partner

Vantiv, a provider of payment processing services, has been chosen by the California Bankers Association as its sole endorsed EFT processing partner.

Under the deal, the banks comprised of the California Bankers Association can now use Vantiv’s payment processing services, including discounted credit, debit and ATM rates. The members of the California Bankers Association also have access to MobiMoney, a mobile app that gives the banks control of card functionality, which Vantiv says promotes lower fraud losses and safer spending habits. With the app, cardholders can turn cards on and off and get instant alerts on their smartphones or mobile devices when any card activity happens. Card usage can also be restricted based on the personal preferences of the customer, including region, merchant type and transaction amount.

“We’re pleased to have been selected by an organization as established and successful as the CBA,” said Bill Hampton, senior vice president and general manager of financial institution services at Vantiv, in a press release Thursday (July 21). “We look forward to providing the CBA’s members with the tools and resources to help them achieve best in class results through innovative products and solutions, and we’re excited to interact directly with the banks in this region to grow their portfolios.”

Julianna Graham, senior vice president of strategic partners at the California Bankers Association, said it chose Vantiv for its Endorsed Partner Program because of the “scale and scope” of its payment processing capabilities and its “proven track record” when it comes to innovation. 

Vantiv provides a suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes. It is the second largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S.