Payment data analytics has gained significant importance in the past decade, especially within the banking industry where transactional data is abundant. By thoroughly understanding and interpreting payment data, banks can create meaningful interactions that meet the unique needs of each customer.
Payment data enrichment is a process that aims to enhance the quality and usefulness of payment information by collecting, integrating, and adding relevant details. For example, when we enrich payment data, we include things like the merchant's name and their logo, which helps us understand what products or services they offer. Having accurate information is important because it allows us, as banks, to gain insights into our customers' financial habits and better serve their needs.
Enriched payment data goes beyond simple transaction records. It allows banks to dig deeper into their customers' behavior, preferences, and needs. By analyzing attributes like purchase history, spending patterns, and product preferences, banks gain a profound understanding of their customer segments. This knowledge enables personalized offerings, targeted marketing campaigns, and tailored experiences that make customers feel truly understood and valued.
By augmenting data with additional attributes like geolocation and fraud scores, banks can detect suspicious patterns and proactively prevent fraud. This not only safeguards customers' accounts but also protects the bank's reputation and financial interests.
This can include cashback offers, loyalty points, exclusive discounts, and targeted promotions. Customers appreciate these tailored rewards, as they feel recognized and rewarded for their recurrent spending loyalty.
Users can review their spending patterns, track expenses, and gain a better understanding of their overall financial well-being. This information empowers customers to make informed decisions, manage their finances effectively, and work towards their financial goals.
- Data Cleaning: Start by cleaning the raw data, eliminating issues like encoding errors or bit flips. This decreases data entropy and will result in increased accuracy and integrity.
- Standardization: Standardize raw data fields with similar values, ensuring consistency across the dataset. This makes it easier to analyze and compare information effectively.
- Pattern Analysis: Analyze patterns within the data and match them against a brand database. This step helps identify specific brands associated with transactions, enabling better categorization and understanding of the data. Together with the previous step, transactions are more likely to be correctly attributed.
- Dynamic Pattern Recognition: Develop a system capable of recognizing and understanding these patterns dynamically. This system should be able to adapt and update as new patterns emerge or existing ones evolve. Different machine learning models can help with this task.
- Data Extraction: Extract relevant information from the system for each individual transaction. This includes details such as merchant names, logos, product descriptions, and any other pertinent data that enriches the payment information.
- Data Quality Assurance: Ensure the quality of both the enriched data results and the original resources used, such as brands and logos. Regularly review and verify the accuracy and completeness of the enriched data to maintain its reliability.
At our platform, we offer a comprehensive enrichment solution for financial transactions. By incorporating valuable information like merchant brand, logo, subscription detection, category, location, and carbon footprint calculations, we empower you with enhanced transaction data.
With just a single endpoint, our powerful API delivers all these features seamlessly. Whenever a new payment, whether it's a card transaction, bank transfer, or ATM withdrawal, comes your way, a simple API call will provide you with enriched data instantly with a high probability. This enriched data opens up a world of possibilities for enhancing your products and services.
Imagine displaying enriched transaction details in your transaction feed, gaining valuable user analytics insights, integrating it into your credit risk scoring algorithm, or even blocking unwanted subscriptions. Our API puts these capabilities within your reach.
Accessing our open documentation is as easy as clicking here. Our API is built with the latest technologies, ensuring efficient delivery of only the data you request. You have full control to decide which specific data points you're interested in. For example, you might prioritize Brand & Logo and Subscriptions while excluding Location data. We'll work closely with you to set up the perfect configuration for your unique use case.
Whether you're a business owner, finance professional, or data analyst, we invite you to join us on this exciting journey of augmenting transaction data. Let's unlock the full potential of enriched financial information together.
Enhanced Merchant Data. Effective 14 October 2023, an Issuer in Albania, Andorra, Austria, Belgium, Bosnia, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom or Vatican City must provide Europe Region.