FIS (NYSE: FIS), a global enabler of financial technology, announced that its Premium Payback solution has been chosen to power the real-time rewards redemption process for Bilt.
Launched in 2021, Bilt is the enabler of a payments and commerce network that transforms housing and neighborhood spending “into rewards and benefits for everyone involved.”
With Premium Payback, customers can see their money work “more effectively, allowing them to unlock savings at checkout.”
Mladen Vladic, head of Products and Services for Loyalty at FIS said:
“The current economy is significantly increasing the demand for loyalty programs that maximize the utility of money, but inadequate technology can complicate the experience cardholders have when redeeming loyalty points, hindering the efficient movement of money.”
They added:
“Credit and debit cards continue to play a leading role in the payment experience as money moves between banks, consumers, businesses and beyond in a complex, never-ending cycle. In the fight for customer loyalty, every payment card program is a vital opportunity to seize competitive advantage and drive growth. We’re proud that FIS Premium Payback can help our clients – like Bilt – accomplish these goals.”
The Premium Payback solution from FIS seeks to drive more engaged cardholder behavior “for its clients by connecting participating issuers with participating merchants to allow customers to redeem their points directly at the point of purchase, which can provide immediate savings.”
Displaying offers at the moment of checkout can provide cardholders with an instant benefit and “can eliminate the delays and hassles of app sign-ups or downloads, which reduces friction at the point of purchase.”
According to the 2024 Customer Loyalty Study from gift-giving company Snappy, “76% of Americans have indicated a willingness to spend more with businesses when they are members of the brand’s loyalty program, illustrating the importance of a seamless solution.”
Premium Payback aims to help loyalty card issuers better meet consumer expectations, “experiment with creative promotions, and build a superior customer experience – all of which can drive value, loyalty and revenue.”
Brandt Smallwood, chief strategy officer at Bilt said:
“We are constantly looking for ways to give our members more ways to redeem their points. FIS’ Premium Payback network will allow Bilt Members to redeem their Bilt Points to save on their purchases with some of their favorite merchants in their neighborhood.”
As noted in the update, FIS is a financial technology company “providing solutions to financial institutions, businesses, and developers.”
They unlock financial technology to the world “across the money lifecycle underpinning the world’s financial system.”
Their people are dedicated to “advancing the way the world pays, banks and invests, by helping clients to run, grow, and protect their businesses.”
Their expertise comes experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers “by harnessing where reliability meets innovation in financial technology.”
Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500 and the Standard & Poor’s 500 Index.