Mastercard and Worldpay are embarking on a strong push to promote Mastercard's Pay by Bank system, which will likely face a deluge of competition under the updated Payment Services Directive (PSD2), which took effect this year.
Stephanie Ferris has had two pivotal experiences in her career at Vantiv — first, leaving a 20-year career in finance to become general manager of Vantiv’s bank referral business; and second, becoming CFO of Vantiv (now Worldpay) in March 2017.
Revenue growth in its merchant payments business is expected to be tepid in the foreseeable future. The Minneapolis company says it is looking to ramp up innovation to stay competitive in a business that has been upended by fintech firms and online shopping.
The deal partners said the cost savings opportunities and international reach presented by the combination were appealing, and JPMorgan Chase said it won’t make a bid after being invited to consider an offer.