Hi all – coming back with an update here.
We can’t share full details about how we match transactions as that’s our bread and butter but there is no bank ID or transaction number from the merchant side that correlates to the bank side. So the solution suggested just can’t work. If you take a look at any paper receipt that you get – the best you can hope for in terms of identifying the bank is the BIN or first 6 digits of your card. But imagine a merchant like EAT. or itsu – and how high frequency they are especially at peak time? Those number combinations alone wouldn’t be enough to accurately match given the probabilities.
We are only able to match when we have consent to access card transaction data which customers give us explicit consent to use and our AISP licence / GDPR regulates how we process that data and to which purpose it serves.
Unfortunately the pesky paper receipt persists today because there is no magic way to connect the dots, until now.
We believe we are being fully transparent at the on-boarding of Flux to your transaction view that we will be sharing anonymised and aggregated data back to the merchant. That style of consent language is front and centre in on boarding with our fully live bank partners (Barclays Launchpad and Starling Bank) You can see screenshots of how that looks on Barclays Launchpad on our homepage in the video.
Data is sent via our real time dashboard called Blueberry – it shows things like what customer buckets, for example highly frequent customers, like to buy the most in pairings as a grouped statistic.
However we do take the feedback that this could be even more explicit on our website, including screenshots of what Blueberry might look like.
We want it to be clear and transparent that there is a value exchange here and we believe the customers using Flux see the value in paperless receipts, card linked loyalty and personalised offers that they get in this data ecosystem.
Thank you for the open questions – please keep them coming.