The new technology enables banks and merchants to keep track of details of every purchase, and build detailed profiles of individual customers to target them more effectively.
PCI and ISO 27001 compliant, Looop can process 100,000 transactions per second, performing real-time data analysis, and offers banks and merchants insights into customer purchasing behavior.
According to the company, it has been designed to work together with existing IT infrastructure with minimal deployment costs.
In depth-analysis of transactional data of both individuals and groups will assist banks to understand the use of credit cards for buying goods, so that they can prepare relevant strategy to encourage and reward customers for using their card.
By understanding customers purchasing behavior, the merchants can effectively build reward schemes to attract customers.
ERN CEO Dan Brassington said, "Consumers will also be getting the best possible value from their transactional data, in the form of highly personalised offers delivered to them in a timely fashion through their smartphones."
Looop also assists consumers to keep an eye on their spending in real time, allowing them to budget effectively.
