Triple and Banyan Partner to Enable Item-Level Card-Linked Offers

Triple and Banyan have partnered to enable item-level card-linked offers.

With this collaboration, Triple’s card-linked offer platform will integrate Banyan’s stock keeping unit (SKU) data capabilities, the companies said in a Thursday (April 20) press release.

This combination will allow banks and retailers using Triple’s platform to benefit from enhanced reporting and more targeted offer constructs, according to the release.

“Banyan’s item-level data capabilities will enable richer reporting and more compelling shopping offers, such as category and exclusion offers,” Triple Co-Founder and CEO David Passavant said in the release. “This partnership will be a growth catalyst for customers as they tap into Triple’s market-leading offer content and flexible platform controls.”

PYMNTS research has found that financial institutions, FinTechs and merchants have set their sights on integrating item-level receipt data into their operations in the next three years.

Eighty percent of firms consider it at least somewhat important to do so, and 45% consider it very or extremely important, according to “Meeting the Need for Item-Level Receipt Data: Why Data Infrastructure is Key to a Better Customer Experience,” a PYMNTS and Banyan collaboration.

The report also found that 46% of firms expect that using item-level receipt data will provide consumers with a more efficient experience and 43% expect it will enable their organization to improve the customer experience.

“We’re effectively [helping banks and others] create a coupon on the basis of using your credit card,” Banyan Chief Financial Officer Michael Budde told PYMNTS in an interview posted in January.

With Banyan’s item-level data added to Triple’s offer platform, retailers will have better revenue attribution, greater return on investment (ROI) and further incentive to invest in card-linked offer programs, according to the press release.

As merchants see greater ROI, financial institutions will benefit from greater cardmember digital engagement and card spending, the release said.

“Banyan is excited to partner with Triple to unlock a new generation of card-linked offers, powered by the precision of item-level purchase data,” Banyan Founder and CEO Jehan Luth said in the release. “Enabling retailers, banks and loyalty partners to work together to grow revenue while elevating the value to their shared customers is at the core of Banyan’s mission.”