novae, in partnership with Visa, customized the loyalty platform for use by Visa issuing member banks, and Visa is marketing the solution as Visa Loyalty Solutions (VLS).

"Loyalty programs can help banks attract and retain cardholders and promote incremental spending. But small-to-medium-sized banks may not have the resources or know-how to build and maintain a loyalty platform," explained novae Head of Ventures Sergio Arana. "novaeplatform lets them compete successfully against larger financial institutions with a white-label solution offering top-of-the-line rewards and customer care, same-day activation, easy administration, online access and no transfer fees--a platform they can adapt to their loyalty strategies and brand as their own."

For end users, novaeplatform is a universal payment solution featuring a frictionless and secure digital payment method that lets them combine debit cards, credit cardsand rewards points into a single purchase. It puts customer satisfaction front and center by imposing zero transaction fees on point redemptions, charging the same price for products and services purchased with points as paid with cash, offering rewards overrewards (bonus points for customers that have reached certain loyalty levels) and immediately posting rewards to cardholder accounts following each transaction.

While most loyalty platforms require cardholders to call contact centers to redeem their points, banks and cardholders using novaeplatform can access multiple interactive customer support channels such as voice, chatbot, videochat and communications leveraging artificial intelligence (AI).

Not only did novae create the technology behind novaeplatform, but it also created the program's network of rewards offers, keeping in mind that customers often use some or all of their points for international travel. Thanks to a partnership with Expedia and a metasearch engine that finds the best price for the products and services customers seek, novaeplatform offers cross-border travel and entertainment benefits, letting cardholders redeem points, enjoy preferential pricing or get exclusive deals at hundreds of thousands of hotels and hundreds of airlines as well as car rental companies, tours, amusement parks and other entertainment options around the world.

novaeplatform can be customized for use not only by financial institutions, but also hotels, restaurants and other retailers.