April 30, 2024

Snowdrop launches its next generation of geo-based transaction enrichment services for a better digital banking experience

Next Generation of Transaction Enrichment Solutions

London, United Kingdom – 30th April 2024

Snowdrop Solutions, a leading provider of advanced transaction enrichment solutions, announces the availability of its latest Merchant Reconciliation System (MRS) API release, codenamed ‘MRS Gemini’. The new update includes several advancements of current transaction enrichment technology by incorporating the latest AI and machine learning techniques from Google’s Gemini AI ecosystem and new capabilities for merchant categorisation, sustainability data, and support for the latest release of Google Maps Platform’s Places API.

By adopting Snowdrop’s transaction enrichment API, MRS™, financial institutions provide their customers with clear insights into every purchase. This grants consumers a user-friendly view of their spending habits, pinpointing where and when they spend their money. The MRS API leverages the latest artificial intelligence techniques, combining Snowdrop’s own machine-learning models with advanced AI methodologies. This innovative blend significantly improves customer data quality while ensuring increased scalability, reliability, and security through the power of Google Cloud and Vertex AI.

Spending Insights by Merchant
Aggregate Spending by Sub Brands
Categorisation Transaction Enrichment

Introducing Next-Gen Transaction Enrichment API

This new release marks a significant step towards creating the next generation of advanced transaction enrichment services. With this release, customers will be able to:

  • Take advantage of Snowdrop’s new multi-tiered, granular categorisation system to correctly, and flexibly, group brands, merchants and a wide range of associated attributes, creating a better user experience,
  • Use the newest release of Google Maps Platform’s Places API which includes performance, cost savings and API optimisations that deliver better results at lower cost to the customer,
  • Deploy newly supported sustainability tags and merchant “green” information to better deliver against financial services ESG initiatives,
  • Leverage additional new extensions around merchant spending insights, location-based information, and merchant data (business descriptions, contextual information, etc.), to fully engage and inform their consumers, and
  • Deliver unparalleled accuracy in matching merchant data to financial transactions through expert best practices and AI-based techniques to gather merchant data and continuously maintain and augment merchant information.

Enhancing Digital Banking Experiences with MRS API

MRS API’s new capabilities go beyond just new functionalities by improving its core features. Retail banking users will benefit from greater transparency through easier purchase identification, improving overall clarity and fostering trust. Advanced enriched transaction data empowers users and banks with real-time notifications to better manage fraud and safeguard finances. In addition, advanced enriched transactions typically lower operating expenditures by reducing queries to call centres, resulting in significant cost savings for banks.

“Snowdrop has invested heavily in this release to empower banks focused on delivering the optimal customer-centric experience for their consumers. Our latest release using Google’s Gemini ecosystem sets a new benchmark for how geo-based advanced transaction enrichment services will perform, securely and reliably, for financial institutions worldwide.”

Ken Hart, CEO & Founder of UK-based Snowdrop Solutions

Some example consumer propositions include brand-based spending insights, granular categorisation displays of expenditures, location-based “heat maps” where consumers spend and a range of additional richer information about each merchant:

Location Spending Insights
Spending Insights: Heatmaps
Transaction Enrichment with Merchant Ratings

“Snowdrop and Google Maps Platform continue to set the benchmark for great user experiences across the financial services industry,” said Vincent Réveilhac, Director of Google Maps Platform. “Together, we can enable banks to benefit from the combination of Google’s latest innovations with Snowdrop’s industry expertise, complementary technology, unique tools and best practices across all digital channels,” he added.

“This new release provides a comprehensive range of improvements around transaction enrichment. Those improvements, especially when coupled with our partnership first approach to Sustainability extensions and new capabilities from Google, provide banks with an opportunity to redefine ‘what good looks like’ as they roll out their various ESG initiatives.”

Daniel Ritchie, Head of Product at Snowdrop Solutions

Finally, for Snowdrop’s existing MRS customers, the upgrade to the new release will be seamless over the next few weeks without any need for integration work, said JF Sullivan, Chief Strategy Officer at Snowdrop.

Speaking at the Money2020 Asia event in Bangkok, he added that the “MRS release with Gemini is deploying across various Google Cloud data centres worldwide, offering improved operational resilience and faster performance through reduced network latency”.