Personal financial management (PFM) tools require consumers to either manually input purchasing information and/or attach bank accounts using their login credentials.  But oftentimes, the most important information is missing — item-level data.

Banyan enables PFMs to tap into the power of receipts by connecting consumer-permissioned item-level data to transactions and automatically delivering this information to PFM accounts.

For most business expenses, the IRS and corporations require purchasers to file tedious paperwork that involves manual processes such as uploading receipts and obtaining approvals. On average, processing just one expense report costs an organization $40 in labor (and that’s based on the assumption that the report is processed correctly the first time, which is not always the case).  Due to a loss in productivity, human error, and other factors, the expense and reimbursement process can be costly.

However, Banyan reduces productivity loss and costs by enabling organizations to automatically connect permission-based item and SKU-level detail to expense transactions. This results in a more efficient and precise reconciliation process, which saves countless hours of manual work.

Consumers make purchases based on trust -- trust that the products are safe and that manufacturers are operating in good faith. However, product, food, and drug recalls happen more often than most may think and consumers are those that end up in harm’s way. But Banyan technology can change this outcome for the better.

Today, there is no common infrastructure for merchants to share itemized receipt data digitally with customers. Paper receipts are bad for the environment and are frequently just thrown away. With Banyan, merchants can deliver customer-permissioned digital receipts directly into apps, enabling enhanced customer experiences and more meaningful engagement, while creating new revenue opportunities.

Card-Linked Offers (CLO) are a powerful way for merchants to drive sales, both in-store and online, by providing incentives to consumers through their issuing bank and/or fintech apps. Today, CLO’s are limited to merchant-level offers (e.g. "Spend $100, get $20 cash back at Best Buy.")  With Banyan, merchants and CLO companies can now expand their offerings to include category, brand, and product-level offers (e.g. "Get $20 cash back on Samsung Televisions at Best Buy.") This enables significant engagement opportunities for brands and merchants, and savings opportunities for customers.

Today, many coupon and rebate platforms require customers to take pictures of their paper receipts and upload them to their apps to earn rewards.  Banyan eliminates this friction by enabling customers to swipe their cards and automatically receive rewards at participating merchants.

Banyan data is empowering individuals to live healthier lifestyles. By fueling a range of wellness and health apps, Banyan data can help track healthy diet choices, add incentives for healthy purchases, and help individuals understand their habits and patterns to make changes for the better. With double opt-in protection, Banyan keeps user data safe while still offering the benefits of understanding purchase behaviors and offering ways to shop smarter - and healthier. By leveraging technology and SKU-level data, Banyan can help health and wellness services offer personalized options and solutions that will encourage active engagement amongst users.

Banyan receipts is a gamechanger for merchants and consumers, but there is also a focus on serving communities through the platform’s public good benefits. Specifically, Banyan streamlines SNAP and WIC programs by helping users get the most from their benefits. The sku-level data for purchases made using these program funds will help individuals and program administrators understand how to make the more cost-efficient choices. This is about ensuring each program beneficiary is educated and prepared to use the program in the most beneficial way. Also, in time, Banyan will help merchants act on their sustainability missions by reducing and eliminating paper receipts, which will lower the environmental impact and reduce their carbon footprint.