Bank of America announced yesterday that it chose Cardlytics to power its transaction-based rewards program called BankAmeriDeals:

Reuters reports:

“Customers will receive offers through the bank’s online banking website. The discounts will be awarded in the form of cash payments once a month. Customers need not sign up for emailed coupons or check a separate web site, as bargain hunters do with offerings from Groupon Inc and others.”

Bank of America will begin testing the technology this week but has not disclosed when it will officially launch for customers.

To learn more about Cardlytics, watch its FinovateFall 2011 demo with ActivePath and come to FinovateEurope 2012 on February 7 to see its live demo.