The Loyalize-TrueLayer alliance is designed to provide retailers with more channels to engage their loyalty members.
Loyalize is a white label engagement platform that combines payment and loyalty into a single transaction. TrueLayer is a provider of Open Banking 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,” say the partners. As open banking technology grows exponentially, Loyalize and TrueLayer will work together to create a new channel of engagement via a “bank-powered loyalty”.
Delivering “the features and scalability our customers are looking for”
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.
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.
The fintech accomplishes this “by aggregating data from multiple sources and providing a real-time, omnichannel view of customer transactions and purchasing behaviours,” Loyalize said.
“Another major use case for Open Banking”
Loyalty teams can use insights generated by Loyalize to create segmented, targeted offers and campaigns to individual or groups of customers.
“This partnership marks the realisation of another major use case for Open Banking,” said Franceso Simoneschi, CEO and co-Founder of TrueLayer. “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.”
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.