Bilt Picks FIS to Power Real-Time Rewards Redemption

Payments/commerce network Bilt has chosen FinTech FIS to power its real-time rewards redemption process.

The partnership, announced Thursday (April 3), will see Bilt employ the FIS Premium Playback solution, which allows customers to unlock savings at checkout.

“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,” Mladen Vladic, head of products and services for loyalty at FIS, said in news release.

“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,” Vladic added. “In the fight for customer loyalty, every payment card program is a vital opportunity to seize competitive advantage and drive growth.”

According to the release, the Premium Payback connects participating issuers with participating merchants to allow consumers to redeem their points at the point of purchase, “which can provide immediate savings.”

Displaying offers at checkout, the release adds, can give cardholders an instant benefit, eliminating delays and hassles associated with app sign-ups or downloads, thus reducing friction at the point of purchase.

As covered here last month, this sort of convenience is attractive to the “click-and-mortar” shopper, especially ones who shop via mobile devices.

“They want ease of use when making payments and rewards tailored to their needs, which would make goods and services a bit more affordable in an uncertain economic environment,” PYMNTS wrote.

Research from “The 2025 Global Digital Shopping Index: The Rise of the Mobile Window Shopper and What It Means for Payments,” commissioned by Visa Acceptance Solutions, shows that rewards are a major incentive in getting consumers to examining a product and then checking out after hitting the buy button.

Meanwhile, PYMNTS recently explored Bilt’s acquisition of item-level-receipt data platform Banyan in a conversation with the CEOs of the two companies.

The deal integrates Banyan’s intelligence into Bilt’s commerce network of 40,000 merchants. That item-level data will allow for personalized rewards and merchant promotions, while continuing to power automated FSA/HSA savings.

Bilt CEO Ankur Jain and Jehan Luth, founder and chief executive of Banyan, told PYMNTS’ Karen Webster that their merger can reconfigure neighborhood commerce.

“What’s special about the neighborhood is that you live nearby … and they know who you are,” Jain said. “eCommerce may be huge, but there’s something special about walking into the neighborhood store.  They know who you are and what you like.”