BMO is the first Canadian financial institution to launch True Name™ by Mastercard
BMO will offer transgender and non-binary customers the option to use their preferred name on personal and small business credit cards
TORONTO, March 14, 2022 /CNW/ – Today, BMO Financial Group became the first financial institution in Canada to implement Mastercard’s True Name™ feature, allowing transgender and non-binary people to use the name of their choice on all BMO personal and small business credit cards without having to change their legal name.
Mastercard developed True Name in 2019 in response to the need for bank cards to reflect the true identities of many members of transgender and non-binary communities. BMO’s US subsidiary, BMO Harris Bank, was the first financial institution in the world to partner with Mastercard and issue the cards. Since then, True Name by Mastercard has been available worldwide, with the partnership with BMO announced today marking a first for Canada.
According to a recent Mastercard study, 90% of people in the transgender community had to use ID whose name or gender didn’t match their presentation, and only one in four (25%) saw their name changed on his credit card. This can lead to feelings of anxiety (48%), embarrassment (45%) and frustration (42%). Additionally, 43% have been verbally harassed for identifying as transgender.
Mastercard’s introduction of True Name was designed to mitigate this negative experience and misrepresentation.
“BMO is committed to removing barriers to inclusion and providing safe and accessible banking services to our customers,” said Jennifer Douglas, Head, North American Personal and Small Business Payments, BMO Financial Group. “We are proud to partner with Mastercard to bring True Name to Canada. All of our clients should feel comfortable using the name that reflects who they really are – it’s one more way to help ease their financial anxiety so they can focus on their financial goals. »
Starting today, existing BMO customers can request a new card, which displays the name they’ve chosen – their real name. Customers can call the number on the back of their credit card or visit a BMO Branch to request a replacement card.
“For transgender and non-binary communities in particular, the identity printed on their cards may not reflect who they really are and can be a source of sensitivity, distorting their true identity,” said Sasha KrsticPresident, Mastercard in Canada. “True Name by Mastercard was designed to change that, allowing people to display their preferred name on their card. At Mastercard, we strive to drive acceptance and are extremely proud that BMO is joining this effort and bringing functionality to Canada for the first time.”
Joining the Mastercard True Name initiative is one way BMO is creating a culture of inclusion for its employees and customers, and is an example of how the bank provides ongoing support to the 2SLGBTQ+ community. Learn more on BMO’s commitment to breaking down barriers to inclusion.
True Name is an extension of Mastercard’s commitment to the 2SLGBTQ+ community. As allies, Mastercard is committed to understanding the ongoing needs and challenges that individuals face and to taking action to advance equal opportunity for all.
For more information on True Name by Mastercard, visit www.bmo.com/vrainom.
Mastercard engaged Environics Research to conduct a quantitative online survey of trans and non-binary Canadians across the country. Environics recruited n=155 trans and non-binary Canadians to complete a 10-minute online survey between January 4, 2022 and January 8, 2022.
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. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that unlocks invaluable opportunity for all.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.02 trillion as of January 31, 2022 and a diverse and highly engaged team of employees, BMO offers a wide range of personal and commercial banking, wealth management and investment banking products and services. investment to more than 12 million customers and leads through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
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