Accurate Merchant Name and Logo
Enhance the visual representation of digital payment and improve clarity by offering precise merchant names and logos.
Success stories: Nationwide Building Society
Clear Merchant Logos Improve Banking Efficiency
As a great example, the UK-based Nationwide Building Society collaborated with Visa and Snowdrop Solutions to pilot the Merchant Reconciliation System API. In just three months, they saw a 30% decrease in the number of transaction query calls made to the customer service team.
Benefits of Accurate Merchant Name and Logo
For the end-user
| Enhanced Transparency: Clear merchant names and logos reduce confusion about transaction origins, making it easier for users to track their spending and manage their finances effectively. | |
| Increased Trust and Security: When users see familiar merchant names and logos, they are less likely to suspect fraud, enhancing their overall confidence in the security of their financial transactions. | |
| Improved Financial Management: Clearer transaction data helps users better understand their spending patterns, enabling them to budget more effectively. |
For the bank
| Brand recognition: Incorporating a merchant logo boosts brand recognition and visibility for the merchant, leading to increased customer advocacy. | |
| Reduced disputes and chargebacks: Adding a merchant logo to banking transactions enhances customer recognition and transaction recall, thereby positively impacting lower operating costs. | |
| Operational Efficiency and Cost Savings: With fewer customer service inquiries to handle, banks can reduce operational costs and reallocate resources to more strategic initiatives. |
Explore more MRS API features
Transaction Location
Add precise geo-enrichment data to each transaction.
Categorisation
Provide meaningful spending insights based on categories.
Contact Details
Facilitate the resolution of unknown transaction queries.
Eco Footprint Tracking
Foster more sustainable consumption habits.
Boost transparency with accurate merchant name and logo
What are the benefits of adding a merchant logo to a banking transaction?
Including a merchant’s logo in banking transactions offers several benefits for both the merchant and the customer. Firstly, it enhances brand recognition, visibility, and customer loyalty, potentially boosting sales. Secondly, it fosters trust and security for customers, reassuring them of the legitimacy and authorization of transactions. Thirdly, it improves the overall customer experience by personalizing transaction records, making them visually appealing and easier to track. This leads to smoother and more enjoyable transactions. Lastly, it reduces disputes and chargebacks by enabling customers to easily recognize transactions made with familiar merchants.
How does Snowdrop’s transaction enrichment API enhance the user experience?
By providing users with logos and categorisation for their transactions, the banking experience becomes more personalised and open. This can increase consumer confidence in the bank and encourage customers to continue using their services. Additionally, with enriched data, banks can better understand their customers’ spending habits, allowing them to provide more personalised offers and recommendations.
Who can benefit from using the MRS API?
Banks, financial institutions, and financial app developers looking to provide users with detailed insights into their spending habits can benefit from using the MRS. It helps in budgeting, financial planning, and improving user engagement with financial apps.