National Australia Bank will become the first major Australian bank to use the ASX mFund Settlement Service. This is an electronic processing service allowing investors to use an ASX broker to apply and redeem units in unlisted managed funds via the same electronic settlement system (CHESS) used for finalising ASX share transactions. NAB will participate through its nabtrade, NAB Asset Management and NAB Asset Servicing businesses. Macquarie Online Trading also began offering mFund earlier this month. Debt collector Credit Corp is pulling out of short-term lending just two years after it entered the market, blaming ASIC for unfairly demonising the whole sector as payday lenders, the AFR reports. Credit Corp chief executive Thomas Beregi said its shareholders and employees no longer want to be tarred as a payday lender. Rivals Money3 and Thorn Group have also pulled out of pay day lending, leaving just Cash Converters and smaller private operators. Cash Converters has said its performance is likely to improve because it will soon have no competition.