Mastercard and BOK Financial Corporation announce expanded payments agreement
January 30, 2024 | PURCHASE, N.Y. and TULSA, O.K.Mastercard and BOK Financial Corporation (NASDAQ: BOKF) today announced an expanded agreement making Mastercard the exclusive payments network across BOK Financials’ debit and commercial portfolios, as well as extending its relationship with BOK Financials' TransFund processing business. Both companies will build an innovative, inclusive and sustainable future in banking, grounded in the shared values of advancing the communities they serve.
"Mastercard and BOK Financial share a passion and commitment to support and uplift our local communities. BOK Financial is more than a bank – it's a force for good, financial education and opportunity," said John Levitsky, president, U.S. Financial Institutions, Mastercard. “Through our expanded partnership, Mastercard will bring unparalleled expertise, technology, and services to drive new payment experiences, community impact and financial access for BOK Financial and its customers.”
“At BOK Financial, we continue to grow and invest in the future of our communities,” said David Reynolds, director of product management at BOK Financial Corporation. “Our expanded partnership with Mastercard will allow us to deliver a differentiated value proposition for our customers through cutting-edge technology and purpose-driven initiatives. Most importantly, we’re thrilled to be working with a company who holds a steadfast promise of connecting consumers to the things that matter most to them.”
Advancing the communities scross the south-central U.S.
Mastercard and BOK Financial will leverage Mastercard’s network, technology, and services to deliver trust, increase financial access, accelerate innovation, connect consumers with Priceless benefits and experiences and empower small businesses. Together, Mastercard and BOK Financial will:
- Deliver confidence at each transaction: with Mastercard’s leading cyber and intelligence solutions, BOK Financials’ customers will gain access to digital identify and tokenization technology to ensure each transaction is safe and secure.
- Expand inclusion & empower consumers: deliver customer-first banking tools and initiatives focused on providing financial access and literacy.
- Bring value added services to Transfund’s processing business: scale services and payments technology across one of the leading debit processors in the U.S.
- Drive commercial innovation: leverage Mastercard’s commercial portfolio across middle market and virtual card solutions to enable businesses to drive operational efficiencies and intelligent automation for today’s complex business environment.
- Enable Open Banking: leverage Mastercard’s Open Banking solutions to enable seamless account opening and consumer and small business lending solutions.
- Deliver Priceless Experiences: access to Mastercard’s Priceless events, experiences, and cause-driven initiatives that align with their passions and purpose-driven initiatives.
- Accelerate Main Street: support the dynamic growth of Small Businesses with tools and mentorship resources like Digital Doors 2.0 to advance the communities across the region.
Additional details around the partnership, including details on new customer cards, will be released later this year.
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About BOK Financial Corporation
Oklahoma, with $105 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial® in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut and Tennessee. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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