Banka Ekonomike Partners With Compass Plus
Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced that Banka Ekonomike, an ambitious bank in Kosovo, has successfully launched a new revolving credit product with an integrated loyalty program built on TranzWare from Compass Plus.
How the Flexi Card Loyalty Program Works
Customers are automatically enrolled in the loyalty program when they sign up to the bank’s new MasterCard Flexi Card, which enables cardholders to collect and spend bonus points at a wide range of merchants across Kosovo. Merchants are able to choose their bonus point accrual rate so the points are calculated at different rates for individual merchants. Customers are awarded for every purchase made using a Flexi Card at a participating merchant and can then pay for goods and services, either in full or in part, using the accumulated points. The loyalty program balance is printed on the customer receipt as well as on monthly credit card statements from the bank.
Strong Early Adoption by Merchants and Customers
Launched in December 2013, more than 2,000 customers and 110 merchants across 217 locations – including petrol stations, supermarkets, furniture retailers, clothing stores, etc. – have already signed up to the loyalty program.
New Installment Loan Option for Cardholders
In conjunction with the loyalty program, Banka Ekonomike has also implemented a project to offer installment loans to its Flexi Card customers. This gives cardholders the option of setting up a repayment plan when purchasing goods at participating merchants, enabling them to pay for purchases in instalments for up to 18 months through a separate credit contract independent of their revolving credit card. Cardholders who choose to pay with Flexi Card in this way are not charged any interest on their purchase if they have not missed any installment and if the total purchase amount has been repaid within the term of the contract.
Burim Kabashi, Head of the Card Unit at Banka Ekonomike, said of the project: “As a result of joint work, on behalf of the Banka Ekonomike, I would like to express my sincere gratitude to Compass Plus’ implementation team, as they did a great job on supporting us along the entire project. Because of the strong support, Banka Ekonomike was able to implement each project detail as requested. We are also looking forward to utilising Compass Plus’ support with future projects, such as the implementation of new bonus schemes and certification on contactless payments.”
