Starting on June 1st, Hamburg-based challenger bank Tomorrow, in conjunction with fintech ecolytiq and Visa, began offering a new proposition within their banking app that shows customers carbon emission calculations alongside their bank transactions.
Based on each purchase made with a Visa card, ecolytiq and Tomorrow offer banking customers more transparency and empowerment around their purchases. The first bank in Germany to integrate ecolytiq’s latest Sustainability-as-a-ServiceⓇ solution, Tomorrow is setting a new standard for the future of sustainable banking, leading the way for how banks should engage with sustainability.
"This is undoubtedly the beginning of a green disruption in the banking industry", said ecolytiq co-founder and CEO Ulrich Pietsch. “Tomorrow is defining what banking will look like in the future. And the future is looking green.”
Tomorrow offers the carbon footprint feature to all customer segments at no additional cost, further boosting its already robust catalogue of sustainability offerings. ecolytiq’s calculations are based on the industry-leading “Open Standard for Payment Transactions” published by the Organisation for Sustainable Consumption which operates the European Open Sustainability Registry.
“CO2 footprinting is a milestone in all things transparency and education”, stated Tomorrow co-founder Inas Nureldin. “We are thereby shedding light on the real costs transactions can have on our planet by making our customers aware of the impact of their consumption habits and, as a result, fostering behavioural change.”
In order to arrive at these country-specific calculations, ecolytiq uses its 25 transaction categories and over 1200 subcategories along with its extensive catalogue of collaborative research and publicly available emissions data. Through integrated feedback loops, e.g. diet preferences, ecolytiq refines its calculations, offering consumers a tailored banking experience. These values are then contextualised through so-called “Comparables'' and “Insights” with the aim of shifting behaviour towards more sustainable spending. The far-reaching climate implications behind purchases will no longer be a mystery for all Tomorrow customers.
Visa actively seeks sustainability-focused partners to help advance its goal of addressing the issue of climate change. ecolytiq is part of the Fintech Partner Connect Programme, which sees Visa working closely with fintechs to help them deliver innovative solutions that solve key needs for Visa’s clients. ecolytiq’s partnership with Tomorrow is a great example of how two Visa partners can work together using the Visa network, to deliver sustainability focused solutions for their clients.
“Visa is committed to an inclusive, sustainable, and equitable future,” said Douglas Sabo, Chief Sustainability Officer at Visa. “We are proud to launch a CO2 footprinting feature in Europe in collaboration with ecolytiq and Tomorrow. This is a great example of how as a ‘network of network’ we can empower consumers to understand their environmental impact, providing them with the tools to make more informed and environmentally conscious decisions.”