November 15, 2021
What is MRS API and How Enriched Transactions Benefit Online Banking Experience
Last updated on: February 6, 2025
Reviewed by: Ana Cantero
What does ‘Merchant Reconciliation System’ (MRS API) mean?
Merriam-Webster defines “reconcile” as “to restore to friendship or harmony,” and that’s exactly what our Merchant Reconciliation System (MRS API) brings to banking. By transforming messy, unclear transaction data into clean, user-friendly insights, it enhances clarity and improves the banking experience.
Many customers struggle to understand their expenses due to unclear data, and naturally, this leads to confusion. This results in an increase in support queries. Transaction data enrichment addresses this by providing detailed, actionable insights that empower customers to feel more confident and in control of their finances.
What is MRS API?
The Merchant Reconciliation System (MRS) is an API that enriches transaction data with clean merchant names, logos, categories, verified locations, contact details, and even merchant ratings, reviews, and price levels, offering a comprehensive view of each transaction.
The MRS API, powered by Google Cloud Platform and integrated with tools like Google Places, is available on the Google Cloud Marketplace. It offers a secure and scalable solution, delivering a seamless user experience for banks managing high transaction volumes across Europe, the Middle East, and Southeast Asia.
How does MRS API work?
At the core of the MRS API is a proprietary merchant database, carefully maintained through a combination of automated processes and manual oversight. This approach guarantees high accuracy, enabling banks to reliably map transaction data to the correct merchant and category. The MRS API is flexible, and designed to integrate seamlessly into your platform, providing enriched data to enhance your services.
Benefits of Enriched Banking Transactions
There are a range of benefits to implementing the MRS API, from an improved customer experience, and significant savings in customer service costs to helping financial institutions get closer to their customers and improve retention rates.
1. Enhanced Customer Experience
Clear and accurate transaction details foster trust and improve the customer experience. By eliminating confusion and anxiety over unclear data, banks can strengthen their relationships with customers.
A great example of the impact a better user experience can have comes from one of our clients, Kroo. They’ve seen an increased customer engagement by 15% and reduced complaints. “We have been partnering with Snowdrop to enrich our card transaction merchant data, and we have already seen a 15% increase in customer engagement”, stated Alexey Gabsatarov, CTO at Kroo Bank. We have also noticed a reduction in complaints and customer support queries related to incorrect information”.
2. Cost Savings and Operational Efficiency
Accurate transaction enrichment reduces customer support costs. One of our biggest clients, Nationwide, saw a significant 30% decrease in transaction-related query calls after implementing the MRS API. “I am extremely impressed,” said Darren Mead, Banking App Product Owner at Nationwide. “Visa and Snowdrop came together to create a solution that is easy to implement and helped us deliver cost savings and empower our members.”
3. Improved User Engagement and Loyalty
An appealing and user-friendly experience can greatly attract customers to a service. As an example, Hugo Save, saw their mobile app ratings soar to an impressive 4.5/5 just four months after launching with our MRS enrichment API. “The user experience is incredibly important to us, and it’s essential in building a personalized relationship with each and every Hugo Hero,” says Braham Djidjelli, Co-Founder & CPO at Hugo Save.
Driving Innovation with Enriched Data
The MRS API doesn’t just enrich transactions – it empowers banks to innovate. New clients can integrate MRS early in their product development, embedding enrichment capabilities into the core of their digital services. This foundation allows banks to:
- Deliver personalised financial insights.
- Implement precise loyalty and rewards programs.
- Offer enhanced features like eco footprint tracking and other sustainability metrics.
Want to learn more about our transaction enrichment API? Visit our dedicated product page or contact us directly, and a team member will respond promptly.
Marketing & Comms Director
Seasoned Marcomms professional with 8+ years of experience in brand management and digital communications. I thrive on creating impactful content and creative strategies, leveraging location-enhanced data enrichment insights for financial and digital technology companies. In my spare time, I nurture my mind and spirit through creative pursuits and immersive reading.