Elavon, a wholly owned subsidiary of US Bancorp and a global payments provider, has acquired the merchant processing portfolio of MB Financial Bank, an Illinois-based local operating unit of MB Financial.
Reportedly, Elavon will provide its payment processing solutions, customer service and support operations to MB Financial Bank’s merchant customers. In addition, new merchant services referrals to Elavon will be marketed through the bank’s more than 70 branches across the greater Chicago metropolitan area.
The bank has claimed that the transition of merchant services to Elavon will not affect MB Financial Bank clients’ banking relationships; however, it has said that merchants will benefit from debit and credit card processing, a PCI Compliance Program, a choice of point-of-sale devices and software, e-commerce products, gift card solutions, electronic check services, and enhanced reporting and customer service.
Mitchell Feiger, president and CEO of MB Financial, said: “Our alliance with Elavon delivers the kind of dependable service and value that our middle market commercial and small business clients are accustomed to. With Elavon’s sole focus on the payments industry, we can confidently market a variety of secure, flexible payment solutions backed by excellent customer service to our banking clients.”
