Ak Bars Bank and APIBank started bank service for LetyShops

2020: Start of bank service for LetyShops

On June 15, 2020 Ak Bars Bank reported that they together with APIBank started bank service for LetyShops.

The cashback service of LetyShops suggests the users to receive bank the card under the LetyBank brand. The release and service of cards performs the Ak Bars Bank. The project is implemented on a technology platform of APIBank.

LetyBank became the first project within cooperation of open banking APIBank and Ak Bars platforms of Bank. Thanks to API integration a cashback service could build the closed ecosystem with absolutely transparent processes cash flows.

For June 15, 2020 the total audience of LetyShops ― is more than 10 million people, the made 50 million online purchases with a cashback. Joint technological the solution APIBank and Ak Bars of Bank will help to attract a cashback service of partners offline to start products, to display a cashback.

On the website users of LetyShops can receive for only several clicks virtual bank card of Visa. It can be the anonymous card or the card with the simplified identification level. To begin its use, it is necessary it is simple to recharge through a personal account of LetyBank. And for payment offline - purchases ― to connect to mobile services Apple Pay, Google Pay or Samsung Pay. It is also possible to bring a cashback to the issued card.

Thanks to API integration all calculations between LetyShops, buyers, sellers and bank take place in a uniform circuit. It allowed not only provide complete transparency of cash flow between partners but also to lift its average size. Using LetyBank users will be able to receive 2.5 times more cashback, than usually. On average it is possible to return 7% of the amount of purchases in online stores. In the near future the loyalty program will extend and on offline - shopping.

Alexander Lozhkin, LetyBank project manager:

In recent years we saved up serious examination in questions Internet purchases ― learned to do this process interesting and useful for millions of our users. Start of virtual bank will allow to apply our experience in offline - purchases to pay even more cashback and to increase advantage of our service. For June, 2020 only a part of audience can issue the card LetyShops, but according to the results of a pilot project service will be available to everyone. Also we keep track of needs of our users and we prepare for start other financial products within service, for example, credit buyings or by installments.

Denis Lakomov, director of directorate of development of partner projects retail business Ak Bars of Bank:

For June 15, 2020 happens in society and business global transformation therefore it is important to begin to look for and implement hi-tech projects, which will help to endure changes. The Ak Bars the Bank sees this trend also offers the platform for implementation in business. Open Banking allows to different service providers to be integrated and create convenient for clients products. Third-party services can get access to infrastructure the Ak Bars Bank, for example, for partial integration or creation of own applications. Within the project with LetyShops bank emits and services bank cards and also provides technology for charge of a cashback. Further together with the APIBank platform we are going to start a row interesting projects.

Alexey Petrov, co-founder and CEO APIBank:

BaaS, or banking as a service, ― one of the leading trends in development world fintekh. Open API allow the companies to change business models, offer including bank ― products and services, to expand spheres of presence of brands. All this is especially relevant when business looks for methods of increase in efficiency in the conditions of crisis. Ours joint project with LetyShops and Ak Bars Bank ― excellent example, as all benefit from implementation of financial technical-innovations: both bank, and cashback service, both sellers, and buyers. We are sure that open banking should become mass history, also we work on standardization of standards of data exchange between banks, fintekha and business according to strategy Central Bank of Russia.