This agreement also includes an extension of the relationship with BOK Financial's TransFund processing business. The collaboration aims to drive innovation and sustainability in banking, emphasizing their shared commitment to community advancement.
David Reynolds of BOK Financial highlights the shared commitment between Mastercard and BOK Financial to uplift and strengthen local communities. He emphasizes that BOK Financial extends its focus beyond traditional banking services by prioritizing financial education and creating opportunities for individuals. Through the expanded partnership with Mastercard, Reynolds suggests that Mastercard will contribute its knowledge, advanced technology, and services to introduce innovative payment experiences. Additionally, he mentions that this collaboration will have a positive impact on the community by improving financial access for both BOK Financial and its customers.
A vision of the future
Mastercard and BOK Financial plan to leverage Mastercard's network, technology, and services to enhance trust, expand financial access, foster innovation, provide Priceless benefits to consumers, and support small businesses. Together, they aim to:
Ensure secure transactions: By utilizing Mastercard's cyber and intelligence solutions, BOK Financial customers will benefit from digital identity and tokenization technology to enhance transaction security.
Promote inclusion and empower consumers: Implement customer-centric banking tools and programs focused on improving financial access and literacy.
Enhance services for TransFund's processing business: Expand services and payments technology across one of the leading debit processors in the US.
Drive commercial innovation: Utilize Mastercard's commercial portfolio to offer middle-market and virtual card solutions, enabling businesses to improve operational efficiencies and leverage intelligent automation.
Enable Open Banking: Utilize Mastercard's Open Banking solutions to facilitate seamless account opening and provide lending solutions for consumers and small businesses.
Offer Priceless Experiences: Provide access to Mastercard's Priceless events, experiences, and cause-driven initiatives aligned with purpose-driven initiatives.
Support Small Businesses: Assist in the growth of small businesses with resources like Digital Doors 2.0, aimed at advancing communities across the region.
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