In the world of data analysis and information retrieval, organizing and categorizing data plays a crucial role in payments processing. It allows us to classify merchants and business transactions based on the type of goods and services they provide, facilitating efficient processing and decision-making. Categorization enables us to extract valuable insights, leading to a better understanding of customer behavior and making it easier to analyze and derive meaningful conclusions. Today, we are thrilled to introduce our new and improved categorization system.
Categories, in the context of data enrichment, serve as a method to organize and classify data according to the type of goods and services provided. This process assembles similar economic businesses to create a useful consumer spending classification with a hierarchy of categories and subcategories. By assigning data points to specific categories, we construct a logical hierarchy that reflects the relationships and dependencies between various elements.
In the past, our categorization system consisted of eight main categories, which already improved data organization and efficiency. However, with our latest advancements and innovative methodologies, we are delighted to announce that our categorization system has expanded to encompass an impressive total of 14 categories and subcategories!
Our enhanced categorization system, now offering 14 categories and subcategories, represents a significant leap in our capabilities. With increased coverage of transaction categorization and classification based on the type of goods and services provided, consumer spending transactions are now classified under economic activity categories and subcategories according to the International Standard of Industrial Classification (ISIC).
We are excited to embark on this journey of data enrichment together with our users, offering improved data granularity, efficient information retrieval, comprehensive data exploration, and user-focused customization. As we look toward the future, we remain committed to continual growth and innovation, ensuring that our tools empower you to make the most informed decisions and gain valuable insights from your data.