Fiserv Inc. is adding Cardlytics Inc.’s merchant-funded rewards program to its menu of online-banking services alongside Fiserv’s own UChoose Rewards credit and debit rewards program, the technology company announced April 4.
Brookfield, Wis.-based Fiserv says it has integrated Cardlytics’ rewards program into its own Corillian Online service for financial institutions, which may opt to offer it to their customers with both checking and card accounts.
Banks pay nothing to provide the service or the rewards, which merchants pay for based on cardholder use. But banks do incur some initial costs to set up the Cardlytics program through Fiserv’s systems, a Fiserv spokesperson tells PaymentsSource. Implementation costs will vary based on individual banks’ systems, he says.
Customers redeem Cardlytics rewards by going to their online-banking site and clicking on offers within their transaction history. They then may make purchases at the designated merchant with their qualified debit, credit or prepaid card. Banks deposit the merchant-funded rewards into customers’ accounts within 60 days of the purchase.
Banks that offer Cardlytics’ rewards may earn revenue based on their number of active users of the service, the companies said in a news release.
Norcross, Ga.-based Cardlytics within the past several months has announced partnerships with several banks and bank-service providers as competition within the merchant-funded rewards arena has gained momentum (
Plans call for integrating Cardlytics into Fiserv’s Mobile Money mobile-banking service, Fiserv said in its press release.
Fiserv continues to offer banks its proprietary UChoose rewards program, which enables banks to provide customers with points-based value redeemable for cash funded by merchants, financial institutions or a combination of both, the Fiserv spokesperson says.
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