Interchange

Canada Plastics Pact Surpasses 100 Partners, Welcomes Six New Partners To Tackle Plastic Waste and Pollution

Retrieved on: 
Tuesday, April 2, 2024
Partner, EPR, Pros, Environment, Recycling, Interchange, Extended producer responsibility, Polymer, Education, Research, Policy, Food, Private sector, Wind, CPP, Personal protective equipment, Plastic, Collection, Movement, PPE

Denovia Labs is a research company working to reshape plastic waste management.

Key Points: 
  • Denovia Labs is a research company working to reshape plastic waste management.
  • They have developed a proprietary innovative approach to transform various forms of plastic waste back to its base chemical building blocks.
  • Ocean Legacy Foundation is a Canadian-based non-profit organization that develops and implements worldwide plastic pollution response programs, with the goal to end plastic pollution.
  • This guidance was developed by a cross-section of CPP Partners to be used by all Canadian stakeholders that put plastics in the market.

Busey Bank Partners with CorServ to Implement a Modern Credit Card Program for Commercial Customers

Retrieved on: 
Monday, April 8, 2024
Interchange, Treasury, Level 2, Busey Bank, Treasury management, EVP, Bank

ATLANTA, April 8, 2024 /PRNewswire-PRWeb/ -- CorServ, a company that empowers banks and fintechs with payment programs, has partnered with Busey Bank ($12.5 billion in assets) to launch a modern credit card program for their commercial customers.

Key Points: 
  • ATLANTA, April 8, 2024 /PRNewswire-PRWeb/ -- CorServ , a company that empowers banks and fintechs with payment programs, has partnered with Busey Bank ($12.5 billion in assets) to launch a modern credit card program for their commercial customers.
  • "CorServ's commercial card program provides us with tools for credit decisioning, options for local servicing, and custom rebates which empower Busey Bank to better serve our commercial customers compared to what National card issuers can offer."
  • Aiming to add a comprehensive credit card solution to their suite of commercial banking services, Busey Bank transitioned out of an Agent Bank program to CorServ's Account Issuer Program.
  • With more control over credit decisions for their customers, Busey Bank will leverage CorServ's innovative solution to offer its commercial and business customers a comprehensive credit card program.

Mastercard Commits to Lowering U.S. Interchange for Small Businesses and Broader Merchant Community

Retrieved on: 
Tuesday, March 26, 2024
Professional Services, Payments, Technology, Legal, Finance, Networks, Banking, Interchange, General counsel, Visa, Policy, Annual report, Payment card

The effort delivers merchants the certainty and visibility of their acceptance programs while supporting continued competition within the industry.

Key Points: 
  • The effort delivers merchants the certainty and visibility of their acceptance programs while supporting continued competition within the industry.
  • Upon final approval of the class settlement by the court, Mastercard will have resolved the vast majority of all pending U.S. merchant litigations that are directed at seeking changes to the company’s interchange structure and merchant acceptance rules.
  • In agreeing to the settlement, Mastercard does not admit to any improper conduct with respect to the plaintiffs’ allegations.
  • That litigation and the impact to Mastercard are described in more detail in the company's Annual Report on Form 10-K for the year-ended December 31, 2023.

Visa Agrees to Landmark Settlement with U.S. Merchants Reducing Rates and Guaranteeing No Increases for at Least Five Years

Retrieved on: 
Tuesday, March 26, 2024
Legal, Technology, Payments, Finance, Fintech, Banking, Professional Services, Small Business, Asset Management, Interchange, Mastercard, Accounting, Negotiation, Sale, Safety, Bank

The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments.

Key Points: 
  • The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments.
  • The agreement’s multi-year benefits for businesses include:
    Lower interchange rates.
  • The settlement will reduce credit interchange rates for U.S. merchants, comprised largely of small businesses.
  • The agreement will cap the reduced credit interchange rates for five years, providing an unprecedented level of cost certainty long sought by merchants.

Expensify Announces Q4 and Full Year Fiscal 2023 Results

Retrieved on: 
Thursday, February 22, 2024
Professional Services, Apps, Applications, Technology, Finance, Fintech, Banking, SMB, Marketing, Partnership, SMS, EOY, Conference, IPO, Organization, Interchange, Economics, Human, Video game

To learn more about that last point, please be my guest in experiencing New Expensify yourself!

Key Points: 
  • To learn more about that last point, please be my guest in experiencing New Expensify yourself!
  • If 2023 was a year of planting, we believe 2024 will be a year of harvesting.
  • Interchange derived from the Expensify Card grew to $11.1 million, an increase of 63% compared to the prior year.
  • Expensify estimates Free Cash Flow of $10.0 million - $12.0 million for the fiscal year ending December 31, 2024.

Expensify Announces Q3 2023 Results

Retrieved on: 
Tuesday, November 7, 2023
Professional Services, Payments, Apps, Applications, Technology, Software, Finance, Accounting, Sale, IPO, ARPU, FY, RSU, SEM, Interchange, EBITDA, VSB, DM, Accountability partner, Engineering, Contra, Environment, WhatsApp, SEO, SMB, Channel, Instability, Mining, Online shopping, Bookkeeping, Bank, Security (finance), Life insurance, Expensify

With luck, our long-awaited migration of Expensify Classic to New Expensify should be actively underway by this time next quarter.

Key Points: 
  • With luck, our long-awaited migration of Expensify Classic to New Expensify should be actively underway by this time next quarter.
  • Expensify Card accounting treatment - The company will become the program manager of the Expensify Card starting in late Q4.
  • The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.
  • There can be no assurance that the Company will achieve the results expressed by this guidance.

Expensify Announces Q2 2023 Results

Retrieved on: 
Tuesday, August 8, 2023
Software, Mobile, Wireless, Networks, Accounting, Online Retail, Internet, Professional Services, Data Management, Payments, Apps, Applications, Technology, Retail, IPO, Partnership, RSU, Share repurchase, Interchange, Minnesota Society of Certified Public Accountants, ChatGPT, SDR, Certified Public Accountant, History, SEO, California Society of Certified Public Accountants, SEM, EBITDA, Investment, Texas Society of Architects, Economics, Online shopping, Bank, Expensify

Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2023.

Key Points: 
  • Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2023.
  • Interchange derived from the Expensify Card grew to $2.7 million, an increase of 56% compared to the same period last year.
  • The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.
  • There can be no assurance that the Company will achieve the results expressed by this guidance.

SEACOAST REPORTS SECOND QUARTER 2023 RESULTS

Retrieved on: 
Thursday, July 27, 2023
Workforce, Insurance, Professional, SBCF, FHLB, Life, Share repurchase, Federal, Marketing, Interchange, Telephone, FDIC, Sale, Federal Home Loan Banks, Acquisition, Federal Reserve, Investment, Risk, Granularity, Depreciation, Growth, Government, Credit, Environment, Cryptocurrency, Bank, Retail, Security (finance), Video game, Rare-earth element, Real estate, Pharmaceutical industry, Financial adviser

STUART, Fla., July 27, 2023 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF) today reported net income in the second quarter of 2023 of $31.2 million, or $0.37 per diluted share, compared to $11.8 million, or $0.15 per diluted share in the first quarter of 2023 and $32.8 million, or $0.53 per diluted share in the second quarter of 2022. For the six months ended June 30, 2023, net income was $43.1 million, or $0.52 per diluted share, a decrease of 19% compared to the six months ended June 30, 2022.

Key Points: 
  • Pre-tax pre-provision earnings1 were $40.9 million in the second quarter of 2023, a decrease of 12% compared to the first quarter of 2023 and a decrease of 4% compared to the second quarter of 2022.
  • Accretion on acquired loans totaled $14.2 million in the second quarter of 2023, $15.9 million in the first quarter of 2023, and $2.7 million in the second quarter of 2022.
  • Commercial originations were $317.4 million during the second quarter of 2023, compared to $321.7 million in the first quarter of 2023, and $461.9 million in the second quarter of 2022.
  • Consumer originations in the second quarter of 2023 were $97.2 million, compared to $110.6 million in the first quarter of 2023, and $130.8 million in the second quarter of 2022.

Independent Bank Corp. Reports Second Quarter Net Income of $62.6 Million

Retrieved on: 
Thursday, July 20, 2023
Banking, Professional Services, Finance, Lender option borrower option, Advertising, Interchange, Policy, Snow, Sale, Shotter v Westpac Banking Corp, Federal Home Loan Banks, Internet, Credit, ATM, Growth, Rockland Trust, Conference, Total, Lethenteron appendix, Security (finance), Cryptocurrency, Real estate, Financial adviser, Pharmaceutical industry, Video game, Bank

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 second quarter net income of $62.6 million, or $1.42 per diluted share, compared to 2023 first quarter net income of $61.2 million, or $1.36 per diluted share.

Key Points: 
  • Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 second quarter net income of $62.6 million, or $1.42 per diluted share, compared to 2023 first quarter net income of $61.2 million, or $1.36 per diluted share.
  • Net interest income for the second quarter of 2023 decreased 4.1% to $152.5 million compared to $159.0 million for the prior quarter, reflecting a full quarter of increased wholesale borrowings as well as higher deposit costs, resulting in a reduction in net interest margin of 25 basis points to 3.54% for the quarter.
  • Noninterest income of $30.8 million for the second quarter of 2023 represented an increase of $2.5 million, or 8.9%, as compared to the prior quarter.
  • Noninterest expense of $95.6 million for the second quarter of 2023 represented a decrease of $3.1 million, or 3.1%, as compared to the prior quarter.

Cornerstone Advisors Research Illustrates How Durbin Amendment Negatively Impacted Financial Institutions and Consumers

Retrieved on: 
Monday, July 10, 2023
Government, Interchange, Durbin, Credit card, Debits and credits, Research, Regulation, Durbin amendment, Legislation, Cryptocurrency, Bank, Financial adviser

SCOTTSDALE, Ariz., July 10, 2023 /PRNewswire/ -- New research from Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, reveals how legislation that mandated debit card payment routing and interchange price caps has negatively impacted the nation's banking system and consumers. The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.

Key Points: 
  • The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.
  • "Think of it as regulatory 'whack-a-mole,' where a reduction in revenue from government regulation in one category forces multiple fee-generating categories to rise," said Glenn Grossman, director of research for Cornerstone Advisors and author of the report.
  • "Debit and credit card price controls harm both consumers and the banking system," Grossman said.
  • "Given their much more limited resources, community financial institutions and the customers they serve will suffer disproportionately from these rules."