Wednesday, December 05, 2012 — 14:59:56 (EST)
LevelUp, FTUB develop mobile payment, loyalty app
Boston, Dec. 5, 2012 -- First Trade Union Bank (FTUB) is joining the mobile payment revolution by creating its own custom-branded payment and loyalty app with mobile payments innovator LevelUp. This partnership makes FTUB the first bank to introduce a LevelUp-powered mobile payment solution, giving its customers access to the largest merchant network in the country.
The new app, currently under development, will combine the best parts of LevelUp's technology with customers' existing FTUB mobile banking suite of applications, allowing them to pay with their phones at any LevelUp merchant location while unlocking exclusive offers in the process.
"Smart banks like First Trade Union Bank are realizing that mobile payments will become just as big of a part of their business model as mobile banking apps themselves," said Seth Priebatsch, chief ninja, LevelUp. "By developing a custom app with LevelUp, First Trade is, in one fell swoop, tying the bank even more closely to local businesses and creating additional savings and convenience for customers that meshes perfectly with their mobile lifestyles."
The new mobile payment app will be integrated with both the First Trade Union Bank Debit Card and mobile app, and include a number of enhancements to deliver an industry-leading mobile banking experience. Consumers using the new FTUB mobile payment app can unlock exclusive rewards and immediately start paying with their phones at the more than 4,000 merchants who have signed on with LevelUp to date.
Ultimately, the app's functionality is expected to be a win-win for the growing number of businesses using LevelUp's interchange zero network as FTUB will be launching exclusive offers designed to drive even more loyal customers through their doors. And it'll be a win for FTUB by introducing their brand to a large number of potential new account holders and adding a whole new set of value propositions to their existing user experience.
"This is a partnership of two like-minded, forward-thinking companies with the vision and expertise to deliver something new in the banking industry: an elegant, simple and widely-accepted payment solution," said Michael Butler, president and CEO, First Trade Union Bank. "LevelUp's expansive merchant community and loyalty rewards features will provide instant value and convenience for First Trade customers. They will be able to leave their wallets at home and still have quick access to their funds."
The FTUB mobile payment app is scheduled to be available early next year for general consumer usage on any iPhone or Android device.
About First Trade Union Bank
With assets of more than $629 million, First Trade Union Bank (www.ftub.com) is a well-capitalized community bank offering a full complement of business and consumer products and services. First Trade has a long-standing reputation for serving middle market, small business, unions, government entities and consumers as its core clients. First Trade also offers the most advanced technologies in Online and Mobile Banking for consumer and business customers. First Trade is headquartered in Boston's Innovation District with Banking Centers located in Massachusetts and New York. First Trade is a member of the Federal Deposit Insurance Corporation, an Equal Housing/Equal Opportunity Lender, and a U.S. Small Business Administration (SBA) Preferred Lender. Additional information is available online at www.ftub.com. Ongoing updates are also available by following @FTUBank on Twitter.
LevelUp is a revolutionary new way to pay. Users pay with their phone, saving time and money. Businesses pay 0% payment processing fees and re-invest those savings into growing their businesses by attracting new customers and bringing them back. LevelUp is a part of SCVNGR, which is backed by Google Ventures, Balderton Capital, Continental Advisors, Highland Capital, Transmedia Capital and T-Venture, the venture arm of Deutsche-Telekom.
Source: Company press release.
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