Koin Rewards and TrueLayer work together to use Open Banking for ethical loyalty rewards

Thursday 25 July 2019 00:49 CET | News

Koin Rewards, the ethical rewards platform built on blockchain, has integrated with 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 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.

TrueLayer is building a range of APIs - including a Data API (which allows companies to access the financial data of their customers) and a Payments API (which enables near-instantaneous online payments).

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Keywords: Koin Rewards, TrueLayer, Open Banking, loyalty, rewards, API, payments , blockchain
Countries: World