Yayzy and IBM Cloud partner to bring Carbon Tracking & Reduction Solution to Banking and FinTech Customers
The message coming out of COP27 is clear: we must unite to deliver climate action at scale to avoid a global temperature increase of 2 degrees by the end of the century. Many people are deeply concerned about this challenge but feel powerless to make a difference. We must remember there are small actions each of us can take every day that help reduce our carbon footprint.
Yayzy’s Carbon Footprint Calculation technology has been helping people take positive action with capabilities that include carbon footprint tracking for payment transactions alongside sustainable alternative suggestions for footprint reduction, and carbon offsetting. The API driven technology is now available for banks and FinTechs to integrate directly within their mobile apps, so the carbon footprint of each transaction can be calculated instantly. Since its launch in 2019, Yayzy’s own app has scaled to 31 countries with connections to 2,500 banks.
Today, we’re excited to announce the Yayzy Carbon Footprint Calculator has enhanced it’s capabilities by moving to the IBM Cloud as part of its continued business expansion. The transformation will provide Yayzy with the high levels of security required by financial institutions to comply with stringent industry regulations. As the business expands, being on IBM Cloud will allow Yayzy to scale rapidly worldwide in line with demand and leverage other advanced software capabilities, from AI and Machine Learning to cyber-security solutions.
Banks and FinTechs globally will now have the opportunity to integrate the Yayzy Climate Impact APIs into their mobile banking apps as an embedded service to make the secure Carbon Footprint Calculator available to customers. In addition, IBM Cloud will enable Yayzy to take a hybrid cloud approach and allow banking clients to choose where to run the technology, in the cloud, on-premises or in a hybrid cloud environment.
A foundation for climate action
Banks are uniquely positioned to raise awareness and enable climate action. They already have relationships with over 75% of the global population and established technology channels that can put carbon management capabilities at the fingertips of billions of people.
Yayzy’s Calculator has the capability to help financial institutions build on this foundation by helping their customers better understand their environmental impact and make more sustainable purchasing choices. This helps financial institutions offer innovative, sustainable products while driving customer acquisition, engagement and loyalty.
How does it work?
Yayzy’s Climate Impact APIs provide meaningful sustainability insights to individuals by firstly categorising payment transactions at a highly granular level, then applying a Carbon Intensity Factor using globally recognised emissions data. The solution also factors in individual lifestyle choices – for example, whether the person is vegan or drives an electric vehicle - and the recognised sustainability credentials of the retailers they buy from, such as B Corp or Carbon Neutral, to provide a highly granular carbon footprint for each transaction a customer makes.
Aggregating the data provides customers with a holistic view of their personal carbon footprint. Yayzy then offers EcoTips and sustainable alternatives, helping consumers to reduce their impact. Finally, for emissions that cannot be avoided, Yayzy’s solution offers customers other ways to become completely carbon neutral, such as contributing to permanent carbon removal and certified carbon offset projects.
Yayzy CEO and co-founder Mankaran Ahluwalia, said: “Partnering with IBM enables us to reach scale and significantly reduce time to market by delivering our advanced APIs through IBM’s highly secure infrastructure and trusted partner ecosystem. IBM’s active support accelerates our mission to raise climate awareness and action for banking customers globally.”
Prakash Pattni, Managing Director, IBM Cloud for Financial Services, EMEA, said: “Today’s financial services market is intensely competitive and banks need to keep pace with changing consumer trends and demands to succeed. Partnering with FinTechs is key to enabling this, so we’re pleased that Yayzy will continue its business expansion on the highly secure IBM Cloud to make its offering available to banks. In turn, this innovative product will allow financial institutions to meet growing customer interest in sustainable living and drive customer loyalty and engagement.”
IBM has a long-standing history of championing sustainability, publishing its first environmental policy in 1971. With our shared values and a commitment to climate action, Yayzy and IBM have a great opportunity to drive business growth while making a positive impact on the planet.
For more information on how IBM works with financial services businesses in its ecosystem, visit this link.