Koin Rewards and TrueLayer Work Together to use Open Banking for Ethical Loyalty Rewards

Koin Rewards, the ethical rewards platform built on blockchain, has integrated with leading financial API provider TrueLayer to provide customers with instant rewards via Open Banking.

Koin Rewards is building a community of merchants and members, based upon shared values, that promote responsible and sustainable behaviours, rewarding these behaviours with a digital currency. By using Open Banking, members will receive their rewards as soon as an eligible transaction is processed, as well as being able to build a picture of their personal carbon footprint.

Once a Koin Rewards member registers their bank account to their Koin Rewards account, they will earn rewards automatically, every time they shop at a participating merchant. Members will then be able to use their rewards in a number of ways, including making donations to projects that support the UN’s 17 sustainable development goals and investing in their own impact investing portfolio.

Koin Rewards, who have announced that they will be crowdfunding on Seedrs (https://koinrewards.seedrs.com) to raise the funds to roll out these features, are also working with TrueLayer to design a solution that makes use of TrueLayer’s Payments API to provide their members and merchants with a better payment experience.

Curt Hopkins, CEO of Koin Rewards, said: “The democratisation of financial data, provided by Open Banking, has wonderful potential for the loyalty industry, which is why our relationship with TrueLayer is so exciting. With TrueLayer, Koin Rewards have an alliance of shared ambitions to use financial data for the greater good, which marries nicely with the way we match consumers and merchants based upon their common values, encouraging responsible and sustainable production and consumption.”

Francesco Simoneschi, CEO of TrueLayer, said: “We’re always keen to work with companies that have an ethical offering or philosophy, which is why we’re delighted that Koin Rewards has chosen TrueLayer. This is exactly the type of use case envisioned by Open Banking – helping an innovative company quickly develop its financial product so that more people can use it.”

SOURCE Koin Rewards