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Loyalize opens up with TrueLayer

Source: Loyalize

Loyalize, the leading white label engagement platform that combines payment and loyalty into a single transaction, today announced a strategic partnership with TrueLayer, a leading provider of financial APIs.

Under the agreement, Loyalize will integrate with TrueLayer’s Data and Payments APIs to give retailers access to data sets that can power the loyalty and payment components of their loyalty programmes.

Combining open banking with the delivery of frictionless loyalty is a first-of-its-kind move; as open banking technology grows exponentially, Loyalize and TrueLayer will work together to create a new channel of engagement via ‘bank-powered-loyalty’.

The partnership strengthens Loyalize’s ecosystem of transaction partners and is part of its overall strategy to provide retailers and financial institutions with the tools to deliver frictionless loyalty.

“With its deep expertise in open banking and track record of innovation, TrueLayer will help us develop and deliver the features and scalability our customers are looking for,” said David John, founder and CEO of Loyalize. “We’re thrilled to partner with TrueLayer to accelerate our growth and transform the way retailers and customers engage with one another.”

Franceso Simoneschi, CEO and co-Founder of TrueLayer, said: “This partnership marks the realisation of another major use case for Open Banking. There is huge scope for loyalty and customer engagement to be transformed by Open Banking and Loyalize is in a prime position to make this happen. We’re delighted Loyalize will bring the Open Banking experience to a new consumer audience and we look forward to helping them develop new Open Banking-based products for their clients.”

Founded in 2019 to bridge the growing gap between loyalty and payment innovation, Loyalize helps retailers build a more complete picture of their loyalty members by aggregating data from multiple sources and providing a real-time, omnichannel view of customer transactions and purchasing behaviours. Loyalty teams can use insights generated by Loyalize to create segmented, targeted offers and campaigns to individual or groups of customers.

The Loyalize platform cuts transaction time at the checkout by eliminating the need to scan plastic loyalty cards or codes. As a result, retailers can reduce the cost of producing and managing these systems.

Customers, meanwhile, benefit from personalised, frictionless shopping experiences. By adding their payment cards or bank accounts to an existing loyalty programme, they automatically get rewarded for every purchase, online or in-store. With Loyalize, carrying plastic loyalty cards or downloading apps to scan unique codes becomes a thing of the past.

Loyalize is in the midst of a £250k fundraising round.

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