Snipp Receives a US$1.5MM Order From a Leading European Bank

Snipp Interactive (TSXV:SPN) announced that it has secured a US$1.5 million order with a leading European banking client.

As quoted in the press release:

The Customer is a major bank headquartered in Europe that is active across the whole range of traditional banking services. Previously Snipp had worked with only one of its subsidiaries that offers branded payment credit cards for leading firms in Europe ranging from Airlines to Department stores.

Based on the success of Snipp’s first two implementations for this Customer’s subsidiary that was limited to programs in Switzerland over the course of 2017 and 2018, the Customer has decided to standardize its credit card-based loyalty programs across Europe on the Snipp platform; and to execute its limited rights to co-own a version of the software. Snipp granted the rights to co-own the software to meet the corporate governance requirements of the bank for mission critical applications, as well as to further customize the Snipp software for use in its internal banking applications. In either event the client will be working with Snipp to further define the value and scope of future services it receives from Snipp, as it deploys and customizes the platform across its European clients. These added services will represent an additional revenue source for the Company in the future.

“We are especially pleased to continue expanding our relationship with this banking client and to further help them customize our solutions for applications that are not standardized or reusable by our other clients. This will further our domain expertise, entrench us deeper with this key customer and allow us to build a deeper services capability,” said Atul Sabharwal, Chief Executive Officer at Snipp. “We’re also excited because this contract proves the security and scalability of our solutions can be utilized in the banking sector, which is a completely untapped industry for us. It also shows the value of the intelligence inherent in our platform. The purchase data we capture every day is becoming a valuable source of identifying customer behavior and buying patterns. And, this data set is going to get even more useful as we incorporate additional artificial intelligence and machine learning into our solutions.”

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