Fifth Third Launches Payments Division
Sept. 29, 2014
Cincinnati-based regional bank Fifth Third Bank, several years after spinning off its processing arm into the company that would become acquirer Vantiv, has thrown its hat back into the payments ring with the formation of a new Payments and Commerce Solutions division. The company has been careful in press reports to say they are not creating a new Vantiv, but does aim to facilitate payments in an environment where e-commerce and mobile are growing quickly.
“Our scale, history and industry knowledge uniquely position Fifth Third to compete and win in this evolving category,” said Randy Koporc, who was running Fifth Third’s unit in Atlanta prior to being tabbed to lead the payments initiative. “This is a market characterized by much faster innovation. Capturing opportunities requires us to build an organization that is both agile and swift in pursuit of both solutions and talent.”
The new division combines existing lines of business including Treasury Management, Commercial and Consumer Card, and Currency Processing Solutions and generates $1 billion in revenue, the company said.