Identifying merchant transactions and adding a specific description has long become a common practice for the financial institutions. However merchant transaction data often contains routing information consisting of a series of non-understandable numbers and letters. The ability to analyze and contextualize the data is one of the most valuable features of the aggregation services.
Our Transaction Intelligence engine provides the capability to normalize the aggregated data in order to bring greater value to our clients. Salt Edge Categorizer integrates a global database of points-of-sale (POS) with data about more than 2.000.000 merchants and their locations. Every transaction goes through a process of extraction and association to a specific value. These new enhancements sort all banking, credit and debit card transactions into categories based on the specific merchant type and geographical location.
SaltEdge Categorizer is a truly international tool, since it can parse not only languages based on Latin alphabet, but also Cyrillic, Arabic, Chinese, etc. The Categorizer understands transaction descriptions in a big variety of languages, which makes the categorization process independent of the country of origin of a transaction.
The Categorizer has been enhanced with a self-learning feature, which analyzes users' preferences and adjusts its rules of assigning categories to transactions accordingly. This method has significantly increased the categorization quality, which has reached an accuracy level of near 93%.
You can quickly bring solutions to the market, offering a superior experience to your end users. With Spectre API your customers can see how much they spend on different categories, at different merchants, or in different areas. Eliminate the confusion over unidentifiable purchases and let your users easily track their expenses.
Salt Edge Categorization engine is initially provided within Spectre API,
complementing the overall functionality and enhancing customer experience.
However, it can also be used
bringing additional value to the
products that do not require prior data aggregation.
For any additional information please contact us.