The Mileage Company will run Airmiles and British Airways' own reward currency BA Miles, while also looking for business from other frequent flyer and leisure reward programmes for UK and worldwide airlines and brands.
Airmiles' managing director Andrew Swaffield will lead The Mileage Company, which offers research and loyalty analytics, customer relationship management and loyalty marketing, and accounting skills associated with loyalty schemes.
The company also boasts a large UK customer contact centre and IT development expertise.
Swaffield said: "The Mileage Company launch comes at a time when brands most need compelling customer reward programmes to weather the economic storm and safeguard their customer base.
"With two decades of experience analysing customer behaviour and building brand loyalty, The Mileage Company team is able to get new programmes up and running quickly and seamlessly, or take over the management of existing programmes, allowing businesses to focus on their core operations."
The British Airways subsidiary is chaired by the airline's director of strategy and business units, Robert Boyle.
Boyle said: "The Mileage Company gives an airline like BA the opportunity to maximise the financial return from our frequent flyer programme whilst ensuring world leading customer benefits and rewards.
"Mileage sales are a growth opportunity for carriers particularly when seat revenues are depressed and there are more empty seats to fill."
Airmiles' collection partners include Lloyds TSB, Tesco, Shell and over 200 online brands including johnlewis.com, debenhams.com and Apple store.