Today in the Connected Economy: Wells Fargo Builds Credit Offerings With Bilt

Wells Fargo’s Provision For Credit Losses Drops $823 Million

Today in the connected economy, Wells Fargo launches a partnership with real estate startup Bilt, while UPS begins collaborating with eCommerce company ESW. Plus, New Zealand’s Thorn Group merges with the auto dealership software provider Limelight, and Elastic Path unveils its new “composable commerce” tool.

Wells Fargo, Bilt Launch Credit Card for Renters

Wells Fargo is working with real estate startup Bilt to let customers earn points and miles on rent payments through a new credit card. Mastercard launched its Bilt Card in 2021. Renters can use the card to pay rent at any rental unit or apartment with no fees. Cardholders earn points with each payment, and they can use those points for travel, rent credits and to make down payments on a home. The card can also be used to make rent payments at properties that don’t accept credit cards. In these cases, renters pay with Bilt’s app, and Bilt sends a check to their landlord.

eCommerce Firm ESW Launches Partnership With UPS

Direct-to-consumer (D2C) eCommerce firm ESW has formed a partnership with UPS to provide customers with integrated international eCommerce and shipping capabilities. “The ability to get a one-stop solution that combines ESW’s technology and deep localization expertise with UPS’s expansive logistics and transportation network will give D2C retailers of any size greater access to consumers on a global scale,” said Patrick Bousquet-Chavanne, president and CEO, Americas, ESW.

Thorn Group Merges With Car Dealer Software Firm Limelight

New Zealand’s Thorn Group Financial Services is merging with auto dealership software maker Limelight to form Limelight Group. The two firms have had a relationship for the last few years, with Fox, Thorn’s parent company, purchasing a stake in Limelight in 2018. Limelight, also based in New Zealand, operates three brands — Motorcentral, Need A Car and BuyerScore — and offers automotive dealers throughout the country with dealership management software.

Elastic Path, BORN, Launch ‘Pre-Composed Solution’

Composable commerce firm Elastic Path has rolled out what it calls a Pre-Composed Solution to give its clients a suite of tools to operate their businesses from a single platform. The new product, constructed with the help of Elastic Path partner BORN, provides a front-end platform from Vue Storefront; search, merchandising and content management from Bloomreach; sales tax calculation provided by Avalara; core commerce capabilities from Elastic Path Commerce Cloud; and Elastic Path Payments.

Optima Health Teams With FinFit to Help Seniors With Financial Wellness

Health insurance provider Optima Health is working with financial wellness firm FinFit to make sure senior citizens on Medicare have resources for improved financial stability. The partnership is using Social Determinants of Health (SDOH) analytics to plot new ways to address seniors’ insecurities in terms of food, transportation, housing and more. Through the Optima Health Social Determinants of Health program, the company is collaborating with community organizations to create a more objective health environment and deal with disparities in underserved populations.