NEW YORK, Jan. 14, 2013 /PRNewswire/ -- Swift Exchange, a pioneer in global commerce with a first-of-its-kind, loyalty operating system, today announced that it will provide the retail community with a first look at its patented system to turn rewards into currency that can be accepted at brick and mortar and online retail locations. Company executives will be on-hand at Booth 440 at the NRF's Retail Big Show to provide demonstrations of Swift Exchange's product.
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Founder and CEO Richard Postrel, who created the first dynamic foreign currency exchange system, developed Swift Exchange when he correctly predicted that loyalty points would become so proliferated it would place strain on the financial and operating infrastructure of companies. Richard will be a featured speaker at the conference's Big Ideas session "Unleashing Rewards In-Stores and Online" on Tuesday, January 15 at 4pm where he will talk about methodologies to re-target discounts.
"The Travel and Hospitality, Financial Services and Retail Industries, have significant reward value in circulation that can be redeemed cost effectively through our commerce system," said Postrel. "We are excited to work with the rewards providers to forward this value to consumers and ultimately to retailers who can then increase sales by accepting the 'buried treasure' of millions of points and miles accumulated each as a form of payment."
At the end of 2012, Swift Exchange completed development of its web and mobile based platform to dynamically connect consumers, merchants and reward providers so they can effectively utilize their reward programs and reward currencies in a seamless, efficient manner. Swift Exchange facilitates the partnerships with merchants and reward providers, and consumers just shop at ecommerce sites or download the app to their mobile phone to use their rewards to shop for items directly at merchants. The product has been under development for the last year and is entering beta testing now.
"We are very excited to showcase Swift Exchange to today's merchants," said Nancy Gordon, COO of Swift Exchange. "Swift provides customers with a new way to spend their rewards, a substantial source of income during this extended recession, directly at retailers for goods and services."
By unleashing rewards at retail, merchants will have access to the $48 billion in perceived value of new rewards issued each year*.
* This is based on the total perceived value of points and miles issued in 2010 in the U.S. for consumer-oriented rewards, according to the 2011 Forecast of U.S. Consumer Loyalty Program Points Value, the outcome of a collaboration between Swift Exchange and COLLOQUY.
About Swift Exchange: A pioneer in global commerce, Swift Exchange has developed a first-of-its kind, loyalty operating system utilizing its patent-protected technology to make point and miles from different reward programs as easy to spend as cash, online or in-stores. Reward providers better manage their costs while dramatically increasing collaboration with merchants, systematically. Merchants receive new traffic and tap into the $48 billion in rewards currency issued each year in the U.S. alone. Founded by CEO Richard Postrel, Swift Exchange is owned and operated by Signature Systems LLC. For more information, visit www.swiftexchange.com or call (305) 865-7000.
SOURCE Swift Exchange