Sustainability Pioneers ‘ecolytiq’ Partner With Tomorrow and Visa to Bring Impact Foot-printing to Retail Banking

Hamburg-based challenger bank, Tomorrow, in conjunction with Visa and innovative fintech start-up, ecolytiq, have introduced a new proposition within their banking app that will show customers carbon emission calculations alongside their bank transactions.Based on each purchase made with a Visa card, ecolytiq and Tomorrow are able to offer banking customers more transparency and empowerment around their purchases.

The first bank in Germany to integrate ecolytiq’s latest SaaS solution, Tomorrow is setting a new standard for the future of sustainable banking, leading the way for how banks should engage with sustainability.

“This is undoubtedly the beginning of a green disruption in the banking industry”,said ecolytiq co-founder and CEO Ulrich Pietsch. “Tomorrow is defining whatbanking will look like in the future. And the future is looking green.”Tomorrow will offer the carbon footprint feature to all customer segments at no additional cost, further boosting its already robust catalogue of sustainability offerings.

ecolytiq’s calculations are based on the industry-leading “Open Standard forPayment Transactions” published by the Organisation for Sustainable Consumption which operates the European Open Sustainability Registry. In order to arrive at these country-specific calculations, ecolytiq uses its 25 transaction categories and over 1200 subcategories along with its extensive catalogue of collaborative research and publicly available emissions data.

Through integrated feedback loops, e.g. diet preferences, ecolytiq refines itscalculations, offering consumers a tailored banking experience. These values are then contextualised through so-called “Comparables” and “Insights” with the aim of shifting behaviour towards more sustainable spending. The far-reaching climate implications behind purchases will no longer be a mystery for all Tomorrow customers.

“CO2 foot-printing is a milestone in all things transparency and education”, stated Tomorrow co founder Inas Nureldin. “We are thereby shedding light on the real costs transactions can have on our planet by making our customers aware of the impact of their consumption habits and, as a result, fostering behavioural change.”

Douglas Sabo, Chief Sustainability Officer at Visa, said: “Visa is committed to an inclusive, sustainable, and equitable future. We are proud to launch a CO2 foot-printing feature in Europe in collaboration with ecolytiq and Tomorrow. This is a great example of how as a ‘network of network’ we can empower consumers to understand their environmental impact, providing them with the tools to make more informed and environmentally conscious decisions.”