Sustainability-as-a-Service company ecolytiq has announced a partnership with Visa-owned, European open banking platform Tink that will bring personalized impact footprint calculations and other pro-sustainability solutions to banks, financial institutions, and fintechs. The technology, which helps encourage customers to shift their behavior toward more sustainable choices in terms of spending, will be available initially in the DACH region (Germany, Austria, and Switzerland) and eventually expanded to other, larger markets in Europe.
“ecolytiq’s solution was created with the ability to quickly scale, because we know that global warming needs exponential climate action enablers,” ecolytiq CEO and co-founder Ulrich Pietsch said. “Tink is a strategic partner with a proven track record for enabling banks and fintechs to deliver the data-driven digital solutions their customers want and need. ecolytiq is the next-generation of these products.”
Ecolytiq’s products include ecoAware, which uses country-specific calculations to determine a customer’s personal environmental impact based on their bank transactions; ecoEngage, which helps bank customers determine ways to reduce their environmental impact via feedback loops, footprint analytics, and peer group comparisons; and ecoAction, which enables bank customers to offset their environmental impact via donations to ecolytiq’s certified offsetting partners. ecoAction allows individuals to compensate 100% or more of their carbon footprint, and ecolytiq plans to soon add ESG investment funds as a donation destination as well as the ability to select a green energy provider with its ecoSwitch solution.
An alum of Finovate’s developers conference, ecolytiq demonstrated its technology at FinDEVr 2021 earlier this year. Founded in 2020 and headquartered in Berlin, Germany, ecolytiq has already forged partnerships with Visa, FinTecSystems, challenger bank Tomorrow, and Worldline. Over the summer, the company won recognition in the Impact Shakers Awards in the “Education” category.
Two-time Best of Show winner Tink, based in Stockholm, Sweden, most recently demonstrated its technology on the Finovate stage at our European conference in 2019. The company’s open banking platform handles more than one billion API calls a month; supports more than 3,400 bank and financial institution integration partners; and reaches more than 250 million bank customers across Europe. Tink’s products help institutions confirm account ownership and verify income; provide up-to-date, standardized and categorized transaction data; offer a fully embedded payments experience to boost engagement and conversion, and enable firms to build smart, intuitive personal finance management solutions. In addition to its partnership with ecolytiq, Tink has also recently embarked upon collaborations with French payments service provider Lemonway and German PFM app Placons.
“The combination of Tink’s transactions product and ecolytiq’s sustainability expertise creates a valuable proposition for financial institutions and fintechs across the DACH region to offer services that better measure and help reduce carbon footprint,” Tink Regional Director for the DACH region Cyrosch Kalateh said. “We look forward to extending this partnership in the future, helping ecolytiq to expand at speed across Europe on our open banking platform.”