Interbank was the original name of which major financial services company? Answer

Interbank was the original name of which major financial services company? Answer

In 1966, a consortium of California banks joined forces to challenge the growing dominance of Bank of America’s BankAmericard. This collective alliance was originally named the Interbank Card Association (ICA), and the cards they issued were simply branded with a small lowercase “i” to signify their membership. This strategic partnership allowed smaller regional banks to compete on a national scale by creating a shared network for transaction authorization and settlement.

By 1969, the Interbank Card Association sought a more recognizable consumer brand and introduced Master Charge: The Interbank Card, which featured the famous overlapping circles. The organization continued to grow rapidly across international markets, leading them to drop the “Master Charge” name in 1979 in favor of the more modern and globally applicable title, Mastercard. Today, Mastercard stands as one of the world’s largest payment processors, a far cry from its humble beginnings as a defensive banking alliance.

Source:

https://www.youtube.com/watch?v=bEmnXUfpYNU

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