CINCINNATI, June 15, 2017 /PRNewswire/ -- Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for financial institutions, credit unions and merchants of all sizes, was selected the winner of the 2017 NAFCU Innovation Award for its fraud protection solution, OmniShield.
The award, which was announced on June 14 during NAFCU's annual conference and solutions expo in Honolulu, comes on the heels of recent internal analysis of MasterCard data by Vantiv that showed Gross Fraud Basis Points for Vantiv issuers were 32 percent lower than the industry average.1 OmniShield's powerful protection in fighting fraud translates to a significant cost savings for financial institutions and credit unions.
"This Innovation Award is further proof that Vantiv, a leading payment processor, can continue to bring groundbreaking solutions to the market," said Randy Salser, president of NAFCU Services. "The judges, prominent industry and trade media executives, have independently taken note of Vantiv's ongoing innovative spirit."
Vantiv's OmniShield provides 24/7/365 support and operates using three strategic components—People, Process, and Technology—and utilizes advanced software to trigger real-time alerts when fraudulent transactions are suspected. OmniShield's multivalent approach has yielded significant results beyond the lower-than-average Gross Fraud Basis Points. For example, Vantiv's internal fraud analysis also found Vantiv issuers suffered fewer fraudulent transactions per card on average than US issuers.1
"OmniShield presents a real cost savings to credit unions and financial institutions by reducing fraud loss while providing best-in-class security against fraudulent transactions," said Bill Hampton, senior vice president and general manager of financial institution services at Vantiv. "Because OmniShield is tailored to the needs of each financial institution, Vantiv is able to deliver the most comprehensive fraud coverage available on the market."
Learn more about Vantiv and its OmniShield Fraud Protection solution for financial institutions and credit unions here: https://www.vantiv.com/businesses/financial-institutions-payment-processing/omnishield.
ABOUT NAFCU SERVICES INNOVATION AWARDS
NAFCU Services Corporation is a wholly-owned subsidiary of the National Association of Federally-Insured Credit Unions (NAFCU). NAFCU Services exists to connect innovative credit unions to the best industry partners. Our Preferred Partner Program has been supporting credit union success for over 40 years. Credit unions rely on NAFCU Services and our Preferred Partners for superior solutions in areas such as technology, security, risk management, operations, insurance, payments, and more. Combined, our partners' products serve virtually 100% of all credit unions. NAFCU Services selects only those companies that are highly qualified industry leaders, so that credit unions gain access to a vetted portfolio of providers they can trust. For more information, visit www.nafcu.org/nafcuservices and follow on Twitter.
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, eCommerce, and merchant bank. Visit us at www.vantiv.com, or follow us on Twitter, Facebook, LinkedIn, Google+ and YouTube.
© 2017 Vantiv, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced herein are the property of their respective owners. Vantiv and other Vantiv products and services mentioned herein as well as their respective logos are registered trademarks or trademarks of Vantiv, LLC in the U.S. and other countries.
Leader, Corporate Communications
1 Vantiv issuer fraud rates vs. US issuer (Visa, MasterCard) averages based on Q4, 2016 MasterCard Benchmarking Report.
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SOURCE Vantiv, Inc.