German challenger bank Tomorrow is teaming up with ecolytiq and Visa to launch a carbon impact footprinting feature for retail banking customers.

The Hamburg-based bank will roll out the app-based feature to show customers carbon emission calculations alongside their bank transactions.

Tomorrow is the first Germany bank to integrate ecolytiq’s SaaS solution, and is part of efforts to set a new standard for the future of sustainable banking.

The first bank in Germany to integrate ecolytiq’s latest SaaS solution, Tomorrow is setting a new standard for the future of sustainable banking, leading the way for how banks should engage with sustainability.

ecolytiq’s calculations are based on the industry-leading “Open Standard for Payment Transactions” published by the Organisation for Sustainable Consumption which operates the European Open Sustainability Registry.

In order to arrive at these country-specific calculations, ecolytiq uses 25 transaction categories and over 1200 subcategories along with its extensive catalogue of collaborative research and publicly available emissions data.

“This is undoubtedly the beginning of a green disruption in the banking industry”, said ecolytiq co-founder and chief executive Ulrich Pietsch. “Tomorrow is defining what banking will look like in the future. And the future is looking green.”

Through integrated feedback loops, e.g. diet preferences, ecolytiq refines its calculations, tailoring them to the customer's choices. These values are then contextualised through so-called “Comparables” and “Insights” with the aim of shifting behaviour towards more sustainable spending.

Douglas Sabo, chief sustainability Officer at Visa, said: “Visa is committed to an inclusive, sustainable, and equitable future. We are proud to launch a CO2 foot-printing feature in Europe in collaboration with ecolytiq and Tomorrow. This is a great example of how as a ‘network of network’ we can empower consumers to understand their environmental impact, providing them with the tools to make more informed and environmentally conscious decisions.”

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