Which entity was formerly known as an Association before becoming a public company?

MasterCard is the entity that was formerly known as an Association before it became a public company. Originally established as a cooperative organization, it functioned as a member-owned association for financial institutions involved in payment card operations. This structure facilitated collaboration among banks to promote their card programs and handle interchange fees.

In 2006, MasterCard transitioned to a publicly traded company, which allowed it to raise capital more effectively and operate under the regulations governing publicly held organizations. This shift provided MasterCard with greater flexibility in its operations and marketing abilities, positioning it competitively in the global payments landscape.

The transformation from an association to a public company marked a significant phase in its growth and allowed for enhanced governance and increased transparency in its business practices, aligning it with the standards of publicly listed companies.