Edonys, the new official brand of VIREO, has announced it developed cashback technology to serve employers, employees and merchants.
LUXHUB, a pioneer in open banking, is the technology partner to bring this made-in-Luxembourg innovation to life.
With new regulations on meal vouchers taking effect on January 1 2024, this employee benefit is about to undergo a major change. With Joybiiz, the new solution from Edonys, employees no longer need a dedicated bank card to spend their vouchers. It is now all based on the principle of cashback and automation. According to Edonys, this is an innovative solution that reduces costs for employers and eliminates them for merchants.
With Luxinnovation support as part of its innovation program
The Edonys team, completed by its ally, Technology Partner, is not new in the Luxembourgish marketplace. Behind myTax, the digital assistant that enables any citizen to generate his or her tax return by answering simple questions, Edonys is also a partner of KPMG Luxembourg, Spuerkeess and, since 2024, Foyer. With the creation of Joybiiz, the fintech noted it aims to bring a breath of fresh air to the world of employee benefits.
CEO Jonathan Marroyen said: “Employers and retailers alike are complaining about the fees charged by current meal voucher providers. And the switch to bank cards hasn’t solved this problem. We therefore responded to a specific market demand and obtained the highly valued support of Luxinnovation. It was also important for us to go beyond reducing fees. We wanted to bring new added value thanks to our expertise in digitalisation.”
Claude Meurisse, CEO of LUXHUB, added: “With Joybiiz, Edonys is reinventing meal vouchers by taking advantage of the many opportunities offered by open banking. These are supported by LUXHUB, an open banking pioneer born of the desire of four banks, Spuerkeess - BGL BNP Paribas - Raiffeisen and POST Luxembourg - to pool resources around account aggregation and payment initiation.”
From now on, employers can manage their meal voucher budget in the Joybiiz application dashboard (web and mobile) and allocate it to their employees. Employees are then invited to create a Joybiiz account and securely connect the bank account(s) they use for their daily expenses. Each time they visit a business eligible to receive meal vouchers, they can simply use their usual means of payment (bank card, Apple Pay, ...). The relevant transactions will then be automatically identified securely, anonymised by LUXHUB and reimbursed by Joybiiz to the bank account from which the expenditure was made. Eligible bank accounts are currently from Luxembourg, France, Belgium, Germany and soon Portugal.
Where current providers charge employers fees of up to 5%, Edonys has reduced these to a maximum of 2%, adding further value-added features to be discovered on its website. And for merchants, Edonys added it has chosen to waive all fees, representing a considerable gain for the sector and enabling the fintech to work with 100% of businesses eligible for meal vouchers.
