Transaction Verification
Transaction verification is an important supporting function within the broader VOW ecosystem. It enables independent participants to confirm that qualifying commercial transactions have occurred and, where applicable, automate the distribution of Voucher Currencies and other rewards.
Importantly, transaction verification is not performed by the VOW protocol itself.
VOW does not verify transactions.
The VOW Ecosystem Foundation does not verify transactions.
VOW Limited does not verify transactions.
Instead, transaction verification is provided by independent companies that specialise in connecting payment systems, banking infrastructure, merchants, and reward programmes.
These organisations operate as separate commercial businesses with their own boards of directors, management teams, shareholders, customers, commercial agreements, and regulatory responsibilities.
The VOW ecosystem simply provides an economic framework within which transaction verification providers may choose to operate.
The Role of Transaction Verification
In order for rewards to be distributed automatically, it is often necessary to confirm that a qualifying purchase has occurred.
Transaction verification providers perform this role by connecting to payment networks, banking systems, open banking infrastructure, merchant systems, or other approved transaction sources.
Once a qualifying transaction has been identified, that information may be used by ecosystem participants to trigger reward events, distribute Voucher Currencies, calculate incentives, or perform other commercial functions.
By providing trusted transaction data, verification providers help bridge the gap between existing payment systems and the Voucher Currency economy.
Examples of Transaction Verification Providers
The following organisations illustrate how independent businesses may provide transaction verification services within the ecosystem.
Fidel
Fidel provides card-linked transaction verification infrastructure.
Its systems enable qualifying transactions made using registered payment cards to be identified and linked to participating merchants. This allows reward programmes and ecosystem participants to automate reward distribution without requiring consumers to alter their existing payment behaviour.
Fidel operates as an independent business with its own management, governance structure, customers, and commercial strategy.
Spaycial
Spaycial provides transaction verification through open banking infrastructure.
Subject to consumer consent and applicable regulations, open banking connections may allow qualifying purchases to be identified through bank transaction data rather than payment card networks.
This approach can support additional payment methods and provide verification capabilities in markets where open banking infrastructure is widely available.
Like Fidel, Spaycial operates independently of VOW and provides services according to its own commercial and regulatory framework.
A Competitive and Open Market
Fidel and Spaycial are examples of transaction verification providers currently participating within the ecosystem, but they are not exclusive providers.
The VOW ecosystem is designed to support a competitive market in which multiple transaction verification companies may operate simultaneously.
Different providers may specialise in:
- Card-linked transaction verification.
- Open banking transaction verification.
- Bank transaction verification.
- Acquirer-based verification.
- Processor-based verification.
- Government payment systems.
- Alternative payment methods.
- Regional payment networks.
As adoption expands internationally, additional transaction verification providers are expected to join the ecosystem and compete to provide services across different markets and technologies.
Building Global Infrastructure
Many organisations participating within the ecosystem were originally built around traditional cashback, loyalty, card-linked offer, or payment-linked reward models.
As Voucher Currency adoption grows, some of these organisations are evolving their products to support Voucher Currency infrastructure alongside their existing services. Others are building entirely new business models around Voucher Currencies from inception.
Technology bridges are increasingly being developed to connect existing payment infrastructure, banking systems, loyalty platforms, reward programmes, transaction networks, and Voucher Currency systems.
The long-term objective is not to replace existing payment infrastructure, but to enable interoperability between existing systems and the emerging Voucher Currency economy.
In this model, VOW provides the economic framework, while independent transaction verification providers supply the infrastructure that enables real-world commercial activity to interact with that framework.