Fifth Third Processing Solutions announced Wednesday that it has changed its name to Vantiv LLC.
The Cincinnati payments processor's new name "embodies and advances our strategic direction as we help our customers better achieve their goals," Charles Drucker, the company's president and chief executive, said in a press release. "Vantiv creates an opportunity for us to move beyond our already established foundation of success to bring our customers the innovation, guidance and leadership they should expect in this evolving payments environment."
Fifth Third Processing (now Vantiv) is a venture of the private-equity firm Advent International Corp. and Fifth Third Bancorp's Fifth Third Bank.
The venture supports more than 400,000 merchant and financial institution locations and 12,000 ATMs in 46 states and 8 countries. The company said it processes more than 11.4 billion ATM and point of sale transactions and about $400 billion in debit and credit sales a year.
