Sustainability-as-a-service provider ecolytiq has partnered with Snowdrop Solutions, a data enrichment service provider, to accelerate climate awareness and behavioural change for banking customers.
ecolytiq calculates personalised environmental impact values, such as CO2, on the basis of payment transactions, with the aim of shifting consumers’ behaviour towards more sustainable consumption.
Accoording to ecolytiq, the partnership will allow it to access Snowdrop’s precise categorisation and location of banking transactions, including retailer logos, ESG (Environmental, Social, Governance) ratings, directions and opening hours along with other key merchant data from Snowdrop. In addition, Snowdrop’s existing clients can benefit from ecolytiq’s proprietary carbon footprinting technology.
Through this partnership, the two companies said they intend to enable digital banking consumers to better understand exactly where they are spending money and visualise the environment or societal impact such transactions generate.
For example, ecolytiq explained, under this partnership a banking consumer will be able to not only visualise things such as the as the carbon footprint generated by spending, but explore suggestions to offset carbon emissions and boost spending at more environmentally or socially-friendly merchants nearby.
Ulrich Pietsch, ecolytiq CEO, said, “By combining the best of our expertise areas, this new partnership will prove mutually beneficial by refining our carbon footprinting technologies even further and making them more accessible. Snowdrop is an important partner to help paint a fuller picture behind each transaction.”
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