Stratos Kicks off Partnership Program with Eastern Bank (Sept. 20, 2015)
Stratos Inc. is kicking off a new partnership program with Eastern Bank, making it the first financial institution to distribute the company’s Bluetooth Connected Card, which combines multiple payment, loyalty, membership and gift cards into one. The Boston-based bank will offer the Stratos Connected Card to its customers with Eastern-issued credit and debit cards pre-set in the Stratos Card’s “top of wallet” slot, making it the default card for purchases via Connected Card. The bank will benefit from co-branding, card issuance and usage data, as well as increased security via the Connected Card’s tokenization and encryption features, according to Stratos.
Originally launched in March, the Stratos Connected Card is available directly to consumers under an annual fee model, but the Ann Arbor, Mich., startup now is looking to bolster distribution via partnerships. Along with bank issuers, Stratos’ partnership program also is open to retailers, which can distribute their private-label and loyalty cards through the Connected Card, with the added benefit of location-based promotions and offers delivered via mobile devices linked to a Connected Card. The company tells Paybefore it expects the partnership program to be a key channel for growth in the coming year, with more partner announcements ahead in the coming weeks.