An innovative new partnership has been launched between Visa Fintech Partner Connect program members ecolytiq and Snowdrop Solutions.
This partnership will allow the climate engagement provider ecolytiq access to Snowdrop’s precise categorisation and location of banking transactions, including retailer logos, ESG (Environmental, Social, Governance) ratings, directions and opening hours along with other key merchant data from Snowdrop. In addition, Snowdrop’s existing clients can benefit from ecolytiq’s proprietary carbon footprinting technology based on the EU-OSR’s “Open Payment Standard” methodology.
By agreeing to leverage their respective technologies and expertise, the two companies intend to enable digital banking consumers to better understand exactly where they are spending money, and visualize the environment or societal impact such transactions generate. In time, these services will also help consumers make better choices as well.
For example, under this partnership a banking consumer will be able to not only visualize things such as the as the carbon footprint generated by spending, but explore suggestions to offset carbon emissions and boost spending at more environmentally or socially-friendly merchants nearby.
Ulrich Pietsch, ecolytiq CEO commented on the announcement: "By combining the best of our expertise areas, this new partnership will prove mutually beneficial by refining our carbon footprinting technologies even further and making them more accessible. Snowdrop is an important partner to help paint a fuller picture behind each transaction.”
The Sustainability-as-a-Service® software from ecolytiq calculates personalised environmental impact values, such as CO2, on the basis of payment transactions - with the aim of shifting consumers’ behaviour towards more sustainable consumption. Through today’s announced collaboration with Snowdrop, ecolytiq will be able to successfully implement highly accurate digital enrichment capabilities, providing banking clients with even more precise categorisation of where consumers spend, including enriched data, such as the clean merchant name, brand logo and location of merchants.
“The combination of ecolytiq’s carbon footprint capabilities with our highly precise location and transaction enrichment MRS technology means we can help a wide range of corporations offer more accurate, clear and insightful services that actually influence consumer behavior,” said Ken Hart, CEO and founder of London-based Snowdrop. He added that “by working closely with Visa the two companies will accelerate the uptake of new digital banking services.”
Both ecolytiq and Snowdrop Solutions enrich sustainability data including social and governance aspects along with a carbon footprint feature. With this addition, Snowdrop’s Transaction Enrichment API, called MRS, will be enhanced with data not only related to the individual impact the user’s purchasing behaviour is having on the environment, but also offers context around these calculations through climate insights that encourage climate action and sustainable lifestyles.
David Rubin, Head of Component and Partner Hub, added, “We are thrilled that Visa Fintech Partner Connect partners Snowdrop Solutions and ecolytiq have joined forces to enhance their offerings. By providing a richer and more engaging experience, customers are given a new level of transparency and relevance of the impact their payment transactions have on the environment. Access to this combined information will facilitate cardholders’ ability to actively make a difference towards a greener economy through their purchasing habits.”
Initially, the two companies will focus on the European banking sector and work closely with Visa as part of the latter’s FinTech Connect program.