Fiserv has introduced a new relationship-rewards program for banking clients, aiming to help banks compete for customers with expanded offerings to encourage debit and credit-card usage with retail partners.
The Fiserv UChoose Rewards program, built with rewards-program marketing firm Affinity Solutions, brings along merchant-funded and issuer-paid programs that decrease rewards costs for institutions – up to 90 percent, says Fiserv – while bringing accountholders a wider and more desirable array of reward choices. The Central Pacific Bank of Honolulu is Fiserv’s first bank to adopt the program.
"The key to UChoose Rewards is the many choices it gives our financial institutions – rewards for debit, credit, even for opening an account,” said Pat Foy, president of Fiserv Card Services, in a statement. “Adding points for debit card usage to the mix allows financial institutions to reward account holders for one of the fastest growing payment methods. We are giving our clients the ability to tailor the UChoose program to fit their own needs.”
Fiserv’s solution will also allow consumers to combine their rewards accounts across multiple institutions and card relationships. UChoose Rewards is available to all financial institution clients of Fiserv EFT and Fiserv Credit Processing Services.
