30 July 2016
Find out more

ERN unveils Looop big data platform for banks and merchants

07 February 2013  |  10310 views  |  0 Shopping mall 2

A new big data platform from a group of banking IT veterans is set to launch next week, promising to close the transactional loop that is currently broken every time a customer leaves a store with a paper receipt.

ERN's Looop platform brings together card payment and merchant data in real time to enable banks and retailers to see the granular detail of every purchase.

The firm says that for banks, the in-depth analysis of transactional data will help them understand how people - individuals and groups - use their credit cards to purchase goods, enabling them to encourage and reward customers for usage.

Meanwhile, the platform will let merchants build effective loyalty and reward schemes that don't rely on a 'one size fits all' approach, but offers individual customers discounts on things they really want to buy.

Customers receive e-receipts and are sent customised coupons through their mobile phones, where they can also see transactions and oversee their spending.

Looop is PCI and ISO 27001 compliant and capable of processing 100,000 transactions per second, performing real-time data analysis. It is also designed to run alongside existing IT infrastructure with "minimal deployment costs".

The new outfit is led by CEO Dan Brassington, a 20-year technology veteran at global banks, most recently as head of IT client services management for RBS. Former ITRS Group CTO Quintin Gomez is onboard in the same role while Tullett's founder Derek Tullett is executive chairman.

The company - which secured $2 million from private investors late last year - is now "working towards proof of concept trials of the system in the very near future".

Says Brassington: "While banks and merchants generate reams of data every hour, the value of this data isn't realised because legacy IT systems make it impossible to evaluate and analyse in any meaningful way....Looop is all about everyone involved in the transactional ecosystem getting the maximum value from every purchase made".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Transactional analytics start-up ERN secures $2 million funding

Transactional analytics start-up ERN secures $2 million funding

20 December 2012  |  7822 views  |  0 comments | 9 tweets
Swedbank pilots mobile couponing in cashless utopia Uppsala

Swedbank pilots mobile couponing in cashless utopia Uppsala

19 December 2012  |  12344 views  |  1 comments | 12 tweets | 5 linkedin
Shopitize begins UK mobile couponing trial

Shopitize begins UK mobile couponing trial

15 November 2012  |  8333 views  |  4 comments | 8 tweets | 1 linkedin
Google goes for loyalty, not payments at the check-out

Google goes for loyalty, not payments at the check-out

06 May 2011  |  16954 views  |  2 comments | 1 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euFind out moreVisit VocaLink.com

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8430 views comments | 38 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7146 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6862 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
5951 views 0 | 14 tweets | 4 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job