Capital One is looking for new ways to bring innovative technologies to its business customers, and the bank’s latest partnership is a push in the direction of payments.
In an announcement made Wednesday (July 8), Capital One revealed a new partnership with payments processing service provider Vantiv. The deal allows Capital One corporate customers to access the technologies and resources Vantiv has to offer.
“Capital One is committed to providing the most innovative technologies to our business customers,” said Capital One Bank Head of Treasury Management and Enterprise Payments Colleen Taylor in a statement. “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.”
Vantiv’s tools will be available to Capital One business customers through the bank’s Merchant Services program. The unit is a long-term provider of solutions and support for businesses aimed at facilitating growth. In addition to Vantiv’s payment processing services, participating companies will also be able to access robust security products, reporting tools and treasury management and ACH support.
According to Vantiv SVP and General Manager of Merchant Services for Financial Institutions Stephanie Ferris, the partnership is about bringing a long-standing relationship into the future.
“Our new partnership with Capital One expands upon our long relationship of serving their banking customers with debit, ATM services and merchant processing,” she said. “Vantiv has been processing payments for more than forty years, and we look forward to a seamless transition for Capital One’s customers, as we become the provider of next generation payment solutions for their merchant services clients.”
Capital One has been boosting its corporate client services in recent months. Last month the bank launched a new escrow service for corporate treasury managers, helping them to bring their cash flow management operations online.