Fifth Third Processing Solutions is shedding the name that carried associations to its former identity as a subsidiary of Fifth Third Bank.
The Cincinnati-based processor will now be known in most of its markets as Vantiv, the firm said.
The processor, which picked up roughly 330 credit union processing accounts when it purchased TNB Card Services from credit-union owned Town North Bank in Dallas just about a year ago, had roughly 770 client credit unions at that time. The firm has not said how many CU clients it has now.
The change in brand reflects that Fifth Third Bancorp has held only a minority position in the processing firm since 2009 and also is meant to indicate that Vantiv is open to payment processing innovation, the firm explained in an announcement of the change.
“Vantiv embodies and advances our strategic direction as we help our customers better achieve their goals,” said Vantiv CEO Charles Drucker. “In our industry, every transaction is the most important one. With so much at stake, our customers expect more. Vantiv is our commitment to deliver.”
Drucker added, “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. As Vantiv, we will offer our customers even more collaboration, insight and performance.”