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First Data adds item level processing to loyalty solutions
June 11, 2007
OMAHA, Neb. - First Data Corp. introduced a new capability to its Loyalty Solution that allows financial institutions to capture product level data from items purchased by their cardholders. First Data's Item Level Processing is designed to help FIs increase customer loyalty to their brand by rewarding specific buying behavior. Financial institutions share the costs of their reward program with retailers. The program is designed to help retailers increase in-store traffic and spending by identifying specific products in more targeted rewards promotions. They can also share costs of the program through manufacturer partnerships. Consumers benefit by receiving richer rewards, more relevant rewards. The rewards can be brand specific, department specific, time sensitive or store specific. For example, customers might be rewarded with an additional point for every dollar spent during a specific time period for a specific brand of product. Item Level Processing is part of First Data's overall Loyalty Solution. In addition to providing item-level data, First Data is able to link multiple account relationships into a single loyalty program; deliver real-time rewards and redemption at the point-of-sale; provide fulfillment services and targeted communications. Item Level Processing is available to First Data clients immediately. As with the other components of First Data's Loyalty Solution, the program can be used by issuers who do not process their credit card portfolio with First Data.
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