Cincinnati-based payments processor Vantiv has acquired the U.S. subsidiary of Canadian processor Moneris for $425 million. Moneris is Canada’s largest debit and credit card processor. Moneris USA services U.S.-based merchants and processed around $12 billion in payments in 2015, the companies said. Vantiv’s main interest in Moneris USA centers around its strength in the integrated payments and merchant bank channels, a Vantiv spokesperson told CardNotPresent.com. From a CNP perspective, current customers of Moneris USA now have access to e-commerce and omnichannel solutions from one of the largest processors in the U.S.
“The acquisition will enable Moneris USA to continue its successful path and provide merchants the high-level of service they’ve come to expect while leveraging Vantiv’s scale and omnichannel payments capabilities,” said Angela Brown, president and CEO of Moneris. “Working together with Vantiv, Moneris will continue to support our mutual cross-border customers with a focus on innovation and service.”