Fiserv, the Wisconsin-headquartered end-to-end business and technology solution provider, has teamed up Georgia-based transaction marketing vendor, Cardlytics, to deliver merchant-funded rewards via Corillian Online.
As a result of the partnership, Fiserv is providing financial institutions with the ability to integrate targeted reward offers into everyday banking.
Customers can redeem rewards, typically as ‘cash-back’, by clicking on an offer within their transaction history and then spending at the designated merchant using their bank or credit union -issued debit, credit or prepaid card.
In particular, the service gives cardholders an opportunity to save money without the hassle of coupons.
The US’ 12th-largest headquartered bank by assets, Regions Bank, is one of the first financial institutions to offer targeted rewards to online banking customers supported by Fiserv and Cardlytics platform solutions
Tom Brooks, executive vice-president Cards & Payments, Regions Bank, said:
“We strive to add value to every interaction we have with our customers.
“Our programme allows us to deliver offers from recognisable companies that people interact with everyday, so we’re providing our customers with a simple way to earn relevant rewards based on their individual spending patterns.
And, because the offers are integrated into online banking, we can present them in a seamless, unobtrusive way”
Erich Litch, president, Digital Channels, Fiserv, said:
“Our partnership with Cardlytics allows our financial institution clients to leverage existing transaction data to deliver highly relevant offers that benefit consumers.
“Consumers can opt-out or opt-in to the service anytime, so it’s another way we are putting them in the driver’s seat of their own digital banking experience.”
A number of major banks have been axeing or scaling back current account rewards programmes across the US since the turn of the year, as lenders tinker with their business models arising from increased interference and distortion of the free market from regulators.