Adjudicated Payments? This may not be a term familiar to marketers but it’s one that you should become familiar with as it greatly impacts customer experience. The Wise Marketer had the opportunity to connect with Bobby Tinsley, co-founder, and president of SKUx to understand more about a new product launch and an important addition to the company’s board of directors.
First, some background. SKUx is a company that is pioneering the future of adjudicated payments to bring about major improvements in the way consumer payments and incentives are delivered, redeemed, settled, and reported. Adjudication technology ensures that an eligible item or items that may be valid for purchase are authorized or declined based on a programs’ requirements for purchase. A common example of this type of restricted spend applies to HSA and EBT programs, where healthy items are funded and encouraged towards purchase, but items not approved in a program are excluded.
Already being used by major brands and retailers, the SKUx solution addresses long-standing industry challenges. It eliminates offer fraud, drives incremental revenue for merchants and brands, and improves value for consumers via intuitive, mobile-first product offers. Additionally, it enables next-day settlement of offers for retailers, replacing the previous costly and time-consuming settlement processes for coupons and offers.
SKUx was founded in 2018 and has powered offers for some of the world’s leading companies. The company has an impressive and growing list of partners that span across multiple industries and market segments. As a platform-as-a-service technology, the company leverages innovation to address the rapid shift towards consumer adoption of mobile payments and digital stored value, as traditional incentive outreach and disbursement programs become less relevant in a digital economy.
Bobby Tinsley Talked about the launch of SKUPay™. He told The Wise Marketer the new product will help partners and customers overcome a big market challenge. He commented “SKUPay™ delivers serialized, secure, item-level payments down to the UPC (universal product code) level. Sensitive level-3 data is not required to be shared externally outside the merchant’s organization, flexible payment routing and settlement is available, and implementation is much easier as compared to other providers. The SKUx solution represents breakthroughs across a wide range of use cases. Consumer brands, for example, could issue an offer for a specific product UPC, which can be automatically redeemed at point of purchase.
Bobby also shared the company recently added Trisha Asgeirsson to its board of advisors. Asgeirsson held executive positions at some of the most prestigious financial services companies, including JP Morgan Chase, the airline industry, and most recently Mastercard where she led the Loyalty Division in North America, and formerly the Data & Services Division, resulting in significant revenues streams across the organization. Trisha was responsible for creating and patenting several world-leading value propositions for banks and merchants globally.
In the company’s press release, Asgeirsson commented “I am thrilled to be joining SKUx at a time where I can apply my passion to further innovate payments acceptance, SKU-level incentive redemption, and seamless consumer engagement experiences for merchants, brands, and healthcare issuers and providers. As an established Fortune 500 global leader in this space, I strongly attest now is the time for merchants, card networks, and banking partners to align with innovation and unlock valuable pools of funds across segments that were previously inaccessible. SKUx has the goods to power this change today and tomorrow with its patented solutions.”
Mr. Tinsley talked further about the importance of this addition, telling The Wise Marketer “Trisha brings incredible institutional knowledge to SKUx from her career spanning enterprise payments, where she created industry leading value propositions and products for some of the world's largest companies. As we partner with global players across the ecosystem, we are focused on unlocking incremental value across multiple use cases and client needs, and Trisha brings valued experience and perspective to our team in the commercialization of these efforts.”
You can read the full press release here.