Global merchant acquiring bank, Credorax, is enabling Vantiv’s US customers to expand their international e-commerce opportunities. This agreement extends the reach of Vantiv’s merchants to 34 countries and multiple currencies.
Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and technology for merchants and financial institutions of all sizes, and Credorax, a global merchant acquiring bank, today announced a partnership that bolsters the capabilities of Vantiv’s merchants to serve global consumers via card-not-present channels.
Additionally, Vantiv’s clients will have access to a global acquiring platform, meaning a seamless customer experience, key network and banking relationships that translate into fewer contractual hurdles, and easy onboarding. By partnering with Credorax, Vantiv is also enabling its U.S. customers to reach international markets that previously posed regulatory, cultural, and technological challenges, resulting in a faster track to innovation.
“Credorax brings a unique combination of international acquiring coupled with technical agility,” said Greg Worch, senior vice president of eCommerce sales at Vantiv. “Our alliance with Credorax allows our customers to expand into global markets, while working directly with Vantiv for integration, reporting, and servicing.”
Additionally, Credorax will help Vantiv’s customers overcome the obstacles of cross-border fees, taxes, regulations, supply chain issues, and payment technology integration.
E-commerce transactions add levels of complexity for international e-commerce buyers and sellers, given different regulations, fees, and payment systems integration. Additionally, Card-Not-Present (CNP) security issues surface which require anti-fraud management tools on behalf of the selling party. While merchant acquiring banks offer these CNP security solutions, in the last few years there has been a notable expansion of Independent Software Vendors (ISVs) that have entered the market. These ISVs bring increasingly sophisticated technology such as machine learning systems to stop fraudsters at their game, hopefully until more advanced anti-fraud measures can be developed.
Overview by Raymond Pucci, Associate Director, Research Services at Mercator Advisory Group
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