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Offer Startup Roundu For Loyalty Pr When driving innovation and taking new approaches to payments, FinTech startups can increase choice for banks, retailers and consumers. Last month, startups such as Modo helped airline customers find more ways to spend their points, while DadeSystems sought to assist banks in giving their corporate consumers more treasury marketing offerings. Here is the latest news from startup-land in September. Modo In the travel payments space, Modo helped an airline take a new approach to its loyalty program. The company created a widget that allows customers of the Etihad Airways loyalty program to log into their accounts as part of the FinTech Abu Dhabi Innovation Challenge. To use the widget and redeem their points, customers log into their loyalty accounts, then use a combination of points and another form of payment. The widget allows the airline to capture how many loyalty points the consumer wants to use, and allows the consumer to enter their credit or debit card information. Through the checkout page, the widget provides a single card for that transaction, and the Etihad reservation site processes the purchase as it would for any other card. This type of multi-tender option can cause headaches, however, as merchants are processing two different transactions and settlements. That can pose a particular challenge if consumers want, say, a refund or a change in itinerary, as a customer may no longer be able to go on a planned trip or may need to change the routing. The process for a refund, reversal 27
p: New Options ograms, Bank ings or void is very clear for a credit or debit card, according to Modo CEO Bruce Parker: “It happens every day,” he said. Loyalty points, however, live in a different system. In other words, they don’t process a reversal or redemption the same way as cards. However, Modo interprets that process, makes it interoperable and says “What does the loyalty system do?” In this case, the loyalty system cancels the redemption and returns the points if the settlement hasn’t occurred. If it has occurred, though, the process re-credit back the points. According to Parker, that illustrates the differences between loyalty points and cards in a scenario that happens every day. DadeSystems When it comes to banks, DadeSystems is rethinking treasury market offerings. Historically, banks have started wholesale and retail lockbox businesses. “For a long time, that’s been a successful model,” Tom Berdan, chief marketing officer at DadeSystems, told PYMNTS in an interview. However, as payment types and payment channels have grown to become more electronic, the amount of lockbox payments is declining rapidly. In one case, a payer may send a payment through a supplier network, such as AvidXchange. In turn, a company may receive a deposit into their bank account a couple of days later and have to pull the remittance information from the supplier site. In another case, which Berdan said is more frequent, payments will come from an accounts payable system within the payer. Most commonly, 28
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