M&T Bank Executive Changes

M&T Bank Corporation announced today that Vice Chairman Michael P. Pinto, 57, has resigned from M&T’s board of directors due to a serious medical condition. However, Mr. Pinto will continue as Vice Chairman of M&T Bank, M&T’s primary banking subsidiary, on a part-time basis in an advisory role. In addition to this change President Mark J. Czarnecki has also been named Chief Operating Officer, effective immediately. Furthermore, M&T announced that Chief Financial Officer Rene F. Jones and Executive Vice President Kevin J. Pearson have been named Vice Chairmen of M&T Bank, and with expanded roles, will now report to Mr. Wilmers as well.

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Payelp Partners with Fortumo

International business and payment platform Payelp Global announced its partnership and integration with Fortumo, which offers merchants “one-click” mobile payments in 79 countries worldwide. Fortumo, which has offices in the U.S. (San Francisco), Europe, China and India, not only offers mobile payments in the U.S. and Europe, but focuses on emerging regions and “hard-to-monetize” regions such as Latin America, Middle East, Africa, Central and Eastern Europe and Asia. Over 100,000 developers have already signed up to offer Fortumo mobile payments, including top developers such as Rovio, Electronic Arts (EA) and Gameloft.

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Asta Funding Acquires CBC Settlement Funding

Asta Funding, Inc. today announced the acquisition of an 80% ownership interest in CBC Settlement Funding, LLC (“CBC”) On December 31, 2013, the Company, through a subsidiary acquired 100% of the ownership of CBC and its affiliate, CBC Management Services, LLC, for approximately $5.9 million. At the closing, the operating principals of CBC, namely William J. Skyrm, Esq. and James Goodman, were issued a 20% interest in CBC (10% to Mr. Skyrm, and 10% to Mr. Goodman). William J. Skyrm, Esq. and James Goodman, have over 30 years combined experience in the structured settlement industry. CBC purchases periodic payments under a structured settlement and annuity from individuals in exchange for a lump sum payment. In addition, the Company, through another subsidiary has agreed to provide financing to CBC of up to $5 million.

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MasterCard APMEA

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard’s payment dollar volume (PDV) in the Asia-Pacific-Middle East-Africa region is flattening in the fourth quarter to 23% year-on-year. RAM Research is projecting a 20 basis points drop in the first quarter of 2014. The economies of South Korea, Taiwan, Hong Kong and Singapore are hinged on the global economy, thus…

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Mercury StoreCard

Mercury Payment Systems, LLC, today announced the launch of Mercury StoreCard™, a gift, rewards, mobile payments and promotions card all in one. Consumers can use the Mercury StoreCard as a gift card or a reloadable stored-value card to earn cash back loyalty rewards on every StoreCard purchase. The Mercury StoreCard can also be converted into a digital gift card via Apple® Passbook® or an Android marketplace app, allowing consumers to pay for purchases with either their physical card or smartphones, creating mobile payment convenience. Consumers can also use their smartphones to view their Mercury StoreCard’s balances, manually or automatically reload their cards, send custom-printed gift cards to their family and friends, and share promotional gift cards via social media.

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BPAY Group and IDRBT Join IFX Forum

The Interactive Financial eXchange (IFX; http://www.ifxforum.org) Forum announced two new members: the BPAY Group and the Institute for Development & Research in Banking Technology (IDRBT), both at the Small Business level. The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange, IFX, which is available at no charge at http://bms.ifxforum.org/. BPAY is an Australian payments scheme linking individuals and businesses to more than 160 banks and credit unions, and it processes more than 26 million bill payments each month. IDRBT is a banking technology research institute in India, established to provide operational service support in information technology to banks and financial institutions. IDBRT also offers a range of academic programs, and consults in banking technology and related areas.

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U.S. Bancorp Aquires Charter One Bank

U.S. Bancorp announced today that its lead bank, U.S. Bank National Association, has reached an agreement to acquire the Chicago branch banking operations of the Charter One Bank franchise owned by RBS Citizens Financial Group. The acquisition includes Charter One’s Chicago retail branch network, small business operations, and select middle market relationships. Once complete, the acquisition will nearly double U.S. Bank’s deposit market share in the Chicago metro area. Under the terms of this transaction, U.S. Bank will acquire approximately $5.3 billion of deposits, $1.1 billion of loans, 94 branches, and 800 employees for a deposit premium of approximately $315 million, or 6 percent. At close, U.S. Bank will have combined deposits of approximately $11.3 billion in Chicago.

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2013 Card Industry Revenue – Another Downtick

During the past five years CU and Bank card issuers have dealt with new regulations which curtailed their business models, impacting their interest and fee income strategies. Partly as a result, the 2013 top line revenue for the card industry in the R.K. Hammer card issuer model was reported at $145.5 Billion, down again, $4.1 Billion from the previous year. Indeed, some credit unions and banks showed revenue improvements last year, but those exceptions were primarily due to bulk acquisitions, as opposed to “organic” growth: exceptions to the rule.

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American Express Settles Suits; Amends Surcharge Rules

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express agreed to settle two putative antitrust class actions filed by U.S. merchants that challenged the company’s Card acceptance agreements. The settlement agreement will address certain merchant concerns, while helping to ensure that American Express Card Members are treated fairly at the point of sale. It will also limit the…

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CheckAlt, iParse and CU Wireless Add To Mobile Deposit Network

FAA Federal Credit Union, University of Nebraska Federal Credit Union and Valley Credit Union have selected industry partners CheckAlt, iParse and CU Wireless as their mobile deposit solution provider. The mobile deposit solution created by the three innovative financial services companies integrates seamlessly into FAA’s, University of Nebraska’s and Valley’s existing mobile applications to allow the credit unions’ members to make mobile check deposits quickly and easily.

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Fiserv Solution Suite Partners with OnPoint Community CU

Fiserv, Inc. announced that OnPoint Community Credit Union, a $3.2 billion asset, 260,000 member credit union based in Portland, Ore., is empowering members to better manage their finances through the implementation of a full-featured suite of digital banking services from Fiserv. With the addition of Corillian Online(R) for online banking, Mobiliti(TM) and Mobiliti(TM): Tablet for mobile and tablet banking and AllData(R) PFM for personal financial management, OnPoint is offering an integrated digital banking experience that can cater to specific member needs. The credit union has also added advanced money movement options including faster bill payments via CheckFree(R) RXP(R), money transfers between institutions via TransferNow(R) and person-to-person payments via Popmoney(R).

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Fiserv Announces Latest FCU Client

Fiserv announced OnPoint Community Credit Union is deploying the full-featured suite of digital banking services from Fiserv. This includes “Corillian Online” for online banking, Mobiliti and Mobiliti: Tablet for mobile and tablet banking and AllData PFM for personal financial management. The credit union has also added advanced money movement options including faster bill payments via “CheckFree RXP,” money transfers between institutions via “TransferNow” and person-to-person payments via “Popmoney.” OnPoint worked closely with Fiserv to tightly integrate the new digital banking capabilities into existing OnPoint systems, and to customize the solutions where needed to meet member needs. As a result, members are experiencing new conveniences, such as the ability to see all account balances in one place, as well as the implementation of a single password for online, mobile and tablet banking.

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