November 7, 2022
New enhanced version of our transaction enrichment API released: Merchant Reconciliation System™
London – 7th November 2022
Latest software release super powers partner transaction data with fresh data sets and innovative services
We are pleased to announce today the launch of our upgraded Merchant Reconciliation System™ or MRS 3.0.
Our Merchant Reconciliation System™ helps financial service providers create compelling and intuitive user experiences for consumers by simplifying messy transaction data and clearly showing where money is spent.
Built on the latest Google Maps and Cloud Platform technologies, our easy-to-use API is enterprise-ready, simple to implement, and highly scalable. It enables banks to transform unclear data into engaging information that clearly shows consumers where they’ve spent money, by showing the merchant’s name, its logo and category as well as the exact location of the merchant a map.
This has delivered excellent results for our banking customers by improving the user experience and reducing inbound call center calls related to unrecognized transactions.
What comes with the new version?
Additionally to these features – also available in version 2.0 – the new and exciting data sets bundled into MRS 3.0. – such as ESG tags, green certification, or carbon footprint calculation – will help consumers use their banking apps with even more confidence, as they will be able to access enriched information on how their consumption habits impact the environment.
MRS 3.0. gives partners the ability to go to market within days with light technical effort. Through secure API keys and running out of various data centres around the world, it also offers a secure and scalable model with little to no network latency.
In more detail, this enhanced version of the Merchant Reconciliation System API provides the following benefits:
- Plug & Play: By using API Keys for authentication, MRS 3.0. lowers the integration and setup time from days to just a few hours, which is achieved, in part, by reducing the number of endpoints and the volume of data to be shared.
- Fast set up: MRS 3.0 makes it easier to deliver an ever-growing number of unique new features and enrichment capabilities from Snowdrop Solutions, as well as exclusive features offered made available thanks to our partnerships with Google and Visa.
- More Datasets and Services: This enhanced version of MRS can be easily configured to return additional data directly from Snowdrop Solutions and third parties. For example, financial service providers can obtain information on the environmental impact of a merchant or identify a recurring payment, such as monthly subscription services. Moreover, at Snowdrop we are pre-integrating a range of innovative, engaging services into MRS to save banks the time and money required to set up a myriad of third-party agreements and integration work.
- Host anywhere: Last but not least, our latest software release can be set up to run from the data center of choice to accommodate data handling regulations and provide super-fast response times.
“MRS provides highly accurate and enriched transactions that are better, faster, and cheaper than the alternatives,” said Ken Hart, CEO and founder of Snowdrop Solutions Ltd. “Powered by billions of transactions and a wide partner deployment network, our Transaction Enrichment API offers the most accurate data match rates in the market, fast set up and management,” he added.
MRS match rates, i.e. the ability to locate and match the right merchants consistently and over time, are as high as 98%, whilst processing hundreds of millions of transactions per bank per month. This compares to 65%-70% match rate of our closest competitors and many in-house deployments, according to research conducted in collaboration with Google Maps.
The upgrade to MRS version 3 is simple as the API continues to work in the same way and does not require any significant work for existing Snowdrop MRS customers. At Snowdrop, we will work closely with our customers to upgrade to the latest version over the next few months.
Want to know more?
Snowdrop Solutions currently works with leading digital and traditional banks in Europe, the UK and Asia Pacific. Snowdrop is a location and data intelligence company that has been a Google Trusted Partner since 2013 and Visa Europe since 2020. Our transaction enrichment solution, the ‘MRS’ API, brings together our deep understanding of the Google Maps APIs, a proprietary database and a second to none matching algorithm. We offer superior match rates and accuracy to any of our competitors and a unique customer centric approach that, other than transaction enrichment, provides cost savings and churn reduction to our clients, over and over.
If you want to know more about our product, you can access more information on our dedicated MRS page or by contacting us. A member of the team will respond to your request promptly.