Citizens Names Mastercard Its Exclusive Payments Provider

Citizens Bank

Aiming to speed its innovation, Citizens Financial Group has made Mastercard its exclusive payments provider.

In a newly expanded partnership, Mastercard has become the bank’s exclusive services provider and payment network across Citizen’s credit, debit and commercial portfolios, the companies said in a Thursday (Jan. 19) press release.

“Customer expectations around payments are rapidly increasing, and our expanded partnership with Mastercard enables us to accelerate our market position and provide customers with industry-leading solutions and experiences,” Citizens Head of Consumer Banking Brendan Coughlin said in the release.

As PYMNTS reported in November, most consumers now highly value the quality and ease of digital experience. One United Kingdom study found that 81% of adults said that ease of use determines their choice of a financial institution.

Similarly, 37% of the millennials and bridge millennials who are interested in digital banks are looking for faster transfer of funds, and 31% want transfers to be more convenient and easier, according to “On-Demand Banking and the Keys to a Fast Future,” a PYMNTS and PSCU collaboration.

Small and medium-sized businesses (SMBs), too, are looking for innovative products and services from financial institutions.

Payment innovations that offer positive cash flow are vital to the stability and growth of SMBs, so payment rails and digital cash management tools are among the leading solutions they seek, according to “Digital Banking Rises to Meet SMB Needs,” a PYMNTS and NCR collaboration.

SMBs are also seeking guidance on several fronts in hopes of improving their financial health, and there is an enormous opportunity for banks to offer digital support, the report said.

With the expanded partnership of Citizens and Mastercard, the two firms will work to develop new products supporting both consumer and business payments, according to the press release.

This includes using open banking technology to improve customers’ financial access and control over their data, employing digital identity solutions to mitigate fraud and deploying commercial solutions to streamline B2B payments, the release said.

“We are proud to work with a brand that champions financial empowerment, and we look forward to bringing new products, services and capabilities to complement the strong value proposition Citizens provides to businesses and consumers,” Mastercard President of North America Linda Kirkpatrick said in the release.