FIS, a global financial technology giant, and Bilt, a payments and commerce network transforming housing-related spending into rewards, have announced a new partnership.
The collaboration aims to enhance how Bilt members redeem loyalty points, enabling a seamless, real-time experience at the point of sale.
By integrating FIS’ Premium Payback solution, Bilt will provide its members with instant savings on everyday purchases, particularly with local merchants.
FIS’ Premium Payback connects participating card issuers and merchants to streamline the redemption process, allowing cardholders to use loyalty points directly at checkout.
This reduces the need for additional app downloads or complicated enrolments, ultimately reducing friction and increasing customer satisfaction.
Bilt focuses on turning everyday rent and neighbourhood spending into a rewards programme, allowing users to accumulate points on payments they already make.
This approach to loyalty aligns with younger consumers’ financial habits and lifestyle preferences. With the integration of Premium Payback, Bilt enhances its offer by letting users instantly apply their points to purchases, creating a frictionless rewards experience.
FIS’ Premium Payback solution not only improves customer convenience but also supports card issuers in engaging cardholders more effectively.
The 2024 Customer Loyalty Study by Snappy found that 76% of Americans are more inclined to spend with brands offering loyalty programmes, reinforcing the value of streamlined redemption technologies like Premium Payback.
The partnership is also indicative of FIS’ recent momentum in its Loyalty segment, marking another strategic win. By embedding their FinTech capabilities into everyday spending experiences, FIS continues to innovate in the loyalty space.
FIS head of products and services for loyalty Mladen Vladic said, “The current economy is significantly increasing the demand for loyalty programs that maximize the utility of money, but inadequate technology can complicate the experience cardholders have when redeeming loyalty points, hindering the efficient movement of money.”
Bilt chief strategy officer Brandt Smallwood said, “We are constantly looking for ways to give our members more ways to redeem their points. FIS’ Premium Payback network will allow Bilt Members to redeem their Bilt Points to save on their purchases with some of their favourite merchants in their neighbourhood.”
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