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KeyBank, MasterCard ink credit card payment network agreement

Global payment processor MasterCard has inked an agreement to serve as the exclusive payment network for a new suite of KeyBank credit card products, including consumer, business and commercial credit cards.

The bank, which operates as a subsidiary of KeyCorp, is planning to introduce the MasterCard branded suite of cards this year.

KeyCorp chairman and CEO Beth Mooney said that the partnership with MasterCard will enable to boost its product offerings for clients as well as strengthen its balance sheet.

The bank, which acquired a $725m credit card portfolio last year, is concentrating to expand its credit card business through MasterCard’s relationship rewards program.

The program offers redeemable points for everyday banking activities, including debit and credit card purchases, and is rewarded for expanding their relationship with the bank.

MasterCard is a global payments processing network provider that connects consumers, financial institutions, merchants, governments and businesses in over 210 countries and territories.

KeyBank operates in 14 US states and offers corporate and investment banking products, including merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies.