A partnership has been formed between Visa Fintech Partner Connect program members ecolytiq and Snowdrop Solutions.
This partnership should enable the climate engagement provider ecolytiq with access to Snowdrop’s precise categorization and location of banking transfers, including retailer logos, ESG (Environmental, Social, Governance) ratings, directions and opening hours along with merchant data from Snowdrop.
As noted in the update, Snowdrop’s clients may benefit from ecolytiq’s proprietary carbon footprinting tech based on the EU-OSR’s Open Payment Standard methodology.
By agreeing to leverage their technology stacks and expertise, the firms plan to allow digital banking clients to better understand where they are spending their funds, and visualize the environment or societal impact these transactions may have. Eventually, these services may assist consumers with making well-informed choices as well.
Via this partnership, a banking client may be able to visualize things like the carbon footprint generated by spending. Consumers may also explore various suggestions to offset carbon emissions and boost spending at environmentally or socially-friendly merchants nearby.
Ulrich Pietsch, CEO at ecolytiq, stated:
“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 personalized environmental impact values, like CO2, on the basis of payment transfers – with the goal of shifting consumers’ behavior towards sustainable consumption.
Via these collaboration with Snowdrop, ecolytiq may implement highly accurate digital enrichment capabilities, offering banking customers with more precise categorization of where consumers spend, including enriched data, like the clean merchant name, brand logo and location of merchants.
Ken Hart, CEO and founder of London-based Snowdrop, remarked:
“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.”
He added:
“By working closely with Visa the two companies will accelerate the uptake of new digital banking services.”
As explained in the announcement, ecolytiq and Snowdrop Solutions enhance sustainability data including social and governance aspects along with a carbon footprint feature.
With this latest addition, Snowdrop’s Transaction Enrichment API, referred to as MRS, will be enriched with data not only related to the individual impact the user’s purchasing behavior is having on the environment, but also provides context around these calculations via climate insights that encourage climate action and sustainable lifestyles.
David Rubin, Head of Component and Partner Hub, noted:
“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.”
At first, the two firms will aim to focus on the European banking industry and work cooperatively with Visa as part of the latter’s Fintech Connect program.