Flux partners with Barclays to trial instant digital receipts with 10,000 customers

Pilot also sees Flux and Barclaycard collaborating to enable major retailers to deliver digital receipts 

  • Mobile banking customers on the pilot will now be able to view itemised digital receipts at the touch of a button
  • The in-app real-time receipts will allow users to easily track spending, helping them take ownership of their financial data 
  • Flux has also partnered with Barclaycard to explore enabling major retailers, such as EAT, to deliver digital receipts to their customers

Flux, the reinventor of the receipt for the 21st century, is pleased to announce a ground-breaking trial with Barclays to offer itemised digital receipts to their customers. The upcoming trial will take place with the estimated 10,000 users of the Barclays Launchpad app, the bank’s platform for testing new features with real customers to learn more about how best to meet their needs.

Customers taking part in the trial will see their receipts in real time, including all purchases, with VAT, delivered directly to their Barclays app. Users can take ownership of their financial data by going paperless and keeping track of everything they buy without having to download extra apps or changing any behaviour. Successful pilots are then rolled out to the five million customers using the Barclays Mobile Banking App. Work is progressing on the trial and the pilot will be live as soon as possible. Although Barclays will be Flux’s first Tier One Bank partnership, the start-up has already collaborated with other banks like Starling Bank.

Like contactless, Flux is closely connected to both the issuing and acquiring sides of the Bank. In addition to delivering receipts to Barclays customers, this trial also sees Flux partnering with Barclaycard, which helps businesses to accept payments. Barclaycard will provide the ability for merchants, via integration through their point-of-sale devices, to issue digital receipts to any customer from a participating bank who is enrolled into the Flux service.Currently this includes Starling Bank cardholders and Monzo Bank in pilot, who will have receipts sent straight to their mobile banking app. Barclaycard and Flux have now launched across all EAT stores and, should the pilot prove successful, may look to add more retailers next year.

Flux has a UK patent pending algorithm that works by linking purchases to bank cards via a software integration to the retailer’s point of sale. The technology makes the purchase more useful to the customer, gets rid of paper and shortens time at checkout.

Flux was part of the 2017 Barclays Accelerator powered by Techstars, part of Barclays’ core commitment to innovation and technology. This pilot highlights the success of the Barclays Accelerator which has truly created a platform for experimentation to build and test new technologies.

Michael Harte, Group Head of Innovation at Barclays said “Through the Group Innovation Office and Rise, our open innovation community, we continue to partner with FinTechs to experiment and test new ideas. We are delighted to be trialling Flux technology as part of our ongoing efforts to improve the experience we offer our customers.”

Matty Cusden-Ross, Co-Founder and CEO of Flux, said: “We believe that Flux is the next biggest innovation for retail payments since contactless. Nobody wants to keep track of hundreds of bits of paper in the 21st century. We are determined to digitise the world’s receipts by linking to how customers pay anyways so we don’t change behavior at checkout. We are excited to demonstrate the benefits of Flux to Barclays customers.”

The Barclays trial will be live soon and customers can register their interest in advance at https://www.tryflux.com/

Flux was founded in 2016 by Tom Reay, Matty Cusden-Ross, and Veronique Barbosa and launched in April 2017. They met when they were employees 1, 2 and 4 respectively at Revolut. They founded Flux when they saw the tipping point in payments technology that could enable their solution to effortlessly remove paper from the transaction cycle. Currently, when a customer looks at their bank statement they can only see the retailer’s name, the total amount and the date. But Flux will complete the picture directly in the banking statement by showing each item bought and provide additional value such as digital loyalty stamps. Flux also enables retailers to better understand and engage customers, anonymously. Flux is already working with partners like EAT, Starling Bank and Bel-Air Shoreditch. Flux was part of the 2017 Barclays Accelerator powered by Techstars. To date, Flux has raised $1,500,000 from London based VCs including PROfounders, Anthemis, Force over Mass and other angels.

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.home.barclays .

Barclaycard, part of Barclays Bank PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point-of-sale finance. In 2016 we processed over £250bn in transactions globally. Barclaycard is a pioneer of new forms of payment and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting-edge forms of payment for the future. We also partner with a wide range of organisations across the globe to offer their customers or members payment options and credit.

The Barclays Accelerator is one of several innovation initiatives delivered through Barclays’ flagship programme for connecting startups and corporates, Rise. Where product innovations and industry developments were once born of corporations and institutions, many are now being created by entrepreneurial individuals around the world who are working with increased speed to disrupt the business models of the past. In order to work with these entrepreneurs in a mutually beneficial way, Barclays established Rise. By combining the agility and disruption of startups with the expertise and scale of Barclays, Rise achieves a unique synthesis of speed and security, youth and wisdom, ideas and knowledge.
Find out more at thinkrise.com