German challenger Tomorrow adds carbon tracking to banking app

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From June 1, Hamburg-based challenger bank Tomorrow, together with fintech ecolytiq and Visa, began offering a new proposition in their banking app that shows customers carbon emissions calculations alongside their transactions. banking.

On the basis of each purchase made with a Visa card, ecolytiq and Tomorrow offer banking customers more transparency and accountability around their purchases. First bank in Germany to integrate the latest sustainability solution as a service from ecolytiq, Tomorrow sets a new standard for the future of sustainable banking, paving the way for how banks should engage in sustainability .

“This is without a doubt the start of a green break in banking,” said Ulrich Pietsch, co-founder and CEO of ecolytiq. “Tomorrow defines what the bank will look like in the future. And the future looks green.

Tomorrow offers the carbon footprint feature to all customer segments at no additional cost, further strengthening its already strong portfolio of sustainability offerings. Ecolytiq’s calculations are based on the “Open Standard for Payment Transactions” published by the Organization for Sustainable Consumption, which manages the European Open Sustainability Register.

“The CO2 footprint is an important step in everything related to transparency and education,” said Inas Nureldin, co-founder of Tomorrow. “We are thus shedding light on the real costs that transactions can have on our planet by making our customers aware of the impact of their consumption habits and, consequently, by promoting behavior change.

In order to arrive at these country-specific calculations, ecolytiq uses its 25 transaction categories and more than 1,200 subcategories as well as its vast catalog of collaborative research and publicly available emissions data. Through built-in feedback loops, for example food preferences, ecolytiq refines its calculations, providing consumers with a tailored banking experience. These values ​​are then contextualized through “Comparables” and “Insights” in order to change behavior towards more sustainable spending. The far-reaching climate implications behind the purchases will no longer be a mystery to all Tomorrow customers.

Visa is actively seeking sustainability-focused partners to help advance its goal of tackling climate change. ecolytiq is part of the Fintech Partner Connect program, which sees Visa working closely with fintechs to help them deliver innovative solutions that meet the key needs of Visa customers. Ecolytiq’s partnership with Tomorrow is a prime example of how two Visa partners can work together using the Visa network, to deliver sustainability-focused solutions to their customers.

“Visa is committed to an inclusive, sustainable and equitable future,” said Douglas Sabo, director of sustainability at Visa. “We are proud to launch a CO2 footprint function in Europe in collaboration with ecolytiq and Tomorrow. This is a prime example of how, as a ‘network of networks’, we can empower consumers to understand their environmental impact, providing them with the tools to make more informed and eco-friendly decisions. environment. ”

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