Vantiv Inc. (formerly Fifth Third Processing Services) announced May 1 that it is offering an open-loop prepaid card product. The company says that the move will let financial institutions offer all types of payment cards on one platform.
“Vantiv now offers a comprehensive suite of debit, credit and gift card solutions built on an integrated, single point-of-entry platform,” said Bill Weingart, Chief Product Officer at Vantiv. “By consolidating all of their needs to one provider, on one platform, our financial institution customers are able to reduce costs, increase efficiency, and respond to market changes faster and with more confidence.”
In prepaid, Vantiv says it launched its general purpose reloadable product in late 2011. For all issuers and program managers, volume is the key to prepaid profitability, unless there is another compelling business reason such as customer retention or cross-selling. Understanding how prepaid fits into the big picture of an institution’s business plan is crucial before offering a product.
Click here to read the press release.