According to Tom Brooks, EVP Cards & Payments at Regions Bank, one of the first Fiserv customers to launch the capability:
“Our program allows us to deliver offers from recognizable companies that people interact with everyday, so we’re providing our customers with a simple way to earn relevant rewards based on their individual spending patterns. ”
The technology allows the merchant-funded rewards to be presented as cash back, points, or miles, but cash back is the most common, according to Fiserv. Retail customers must select the offer when online, and then use their bank-issued card for the actual spending. This capability is not unique, and consumers are being bombarded with offers from all sides. However, its availability in conjunction with Corillian Online (and possibly Mobile Money in the future) does strengthen the competitiveness of Fiserv’s offering for its banking clients.