Loyalty360 Featured Technology and Services | Banyan

Company Type: Complementary Customer Loyalty Technology with Supporting Services
Core Offering(s): Item-Level Receipt Data platform for enhanced Marketing/Loyalty, Fraud Management, and other Commercial Payments Applications
Target Industries: Financial Services/Banking, Retail, Convenience Store, Grocery, B2B
 
A relative newcomer to the customer loyalty industry, New Jersey-based Banyan is an item-level receipt data platform that enables merchants and their financial institution partners to create more engaging and rewarding experiences for their end customers and loyalty program members.
 
Merchants, such as retail, grocery, or convenience store brands, can leverage Banyan’s platform to create SKU-level card-linked offers, driving traffic and purchases to specific products / brands / categories across both in-store and ecommerce channels. Traditionally, card-linked offers feature a cashback percentage if customers make any type of purchase with a merchant. With Banyan, the merchant can determine specific products to include or exclude (e.g., $50 of Halloween candy purchased using a linked payment card) for the cashback reward.
 
This process is supported by secure integrations between the merchant, Banyan, and the financial institution/partner. Banyan serves as the neutral middleware between the merchant and the financial institution, allowing a merchant to permission the sharing of their receipt data with the customer’s financial institution ( credit card issuing bank, etc.) with the consumer’s consent and without the merchant establishing direct contracts and integrations with each and every financial entity.
 
Via API or batch processes, merchants and financial institutions pass encrypted transaction data such as the total amount spent, date/time stamps, items/quantities purchased, shipping, taxes, auth code, last 4 digits of card, and SKU/UPC to Banyan. Banyan then cleans, matches, and enriches the receipt and transaction data leveraging common, de-identified data elements.  The SKU-enriched transaction data and/or reporting required for permissioned use-cases  is then passed to the financial partner.
 
Banyan’s “Privacy by Design” infrastructure ensures data is secure and use is consented. In addition to being SOC 2 Type I certified, Banyan safeguards data with enhanced controls to ensure best-in-class protection and adheres to all major privacy regulations.
 
Both merchants and financial institution platform partners benefit from item-level transaction data enhanced customer experiences.  Merchants can better target customized offers to desired bank card audiences, and gain greater clarity into revenue attribution from their marketing dollars.   Financial institutions benefit from increased customer digital engagement, and more tailored offers,  to foster top-of-wallet spend preferences with consumers. 
 
By providing merchants and financial institution partners with granular insights into purchase behaviors, Banyan facilitates the creation of more personalized loyalty programs or strategies, offering consumers more tailored and rewarding experiences.
 

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