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In today’s rapidly evolving financial landscape, transaction data enrichment has become an essential tool for banks and financial institutions to stay ahead of the competition. Mastercard’s mandate for enriched payment data has further highlighted the importance of comprehensive transaction information.
Given this, it is crucial for banks to collaborate with a trustworthy and efficient solution provider that can furnish the most advanced data enrichment technology.
At Snowdrop Solutions, we understand the importance of providing accurate and clear information and have a proven track record of delivering the best services to our clients in the financial services sector.
In this article, besides exploring what the Mastercard mandate means and how it will affect banks and financial institutions, we share how Snowdrop Solutions can help financial institutions looking to harness the power of transaction data enrichment.
What is the Mastercard mandate about?
Starting from 14th October 2023, all Mastercard issuers across Europe will be required to provide enriched payment data to their cardholders upon request. Enriched payment data includes additional transaction details beyond the basic information, such as the merchant name, location, contact details and logo of the merchant. The Issuer must provide this additional merchant data through digital methods, for instance through its banking app, mobile wallet or internet banking interface.
The goal of this mandate is to increase transparency and give cardholders a more complete understanding of their spending habits. With enriched payment data, cardholders will have access to more detailed information about their transactions, which can help them make more informed financial decisions and manage their money more effectively.
How can banks and financial institutions enrich their payment data?
Enriched payment data refers to additional details about a payment transaction beyond the basic information such as the transaction amount and merchant name. It can include data such as the payment method used, transaction currency, merchant logo, the location of the transaction, merchant contact information, categorisations and more relevant information about a merchant.
Also known as Transaction Data Enrichment, at Snowdrop Solutions we created our own API called Merchant Reconciliation System which addresses this specific situation.
How does the Merchant Reconciliation System API work?
Snowdrop Solutions’ transaction data enrichment API is reliable, scalable, secure and returns highly accurate matching rates. Our technology is designed to seamlessly integrate with the existing infrastructure of banks and financial institutions, ensuring smooth and efficient processing of enriched payment data.
Our team of experts is dedicated to constantly updating and improving our technology to meet the ever-evolving needs of the financial industry. For instance, the latest upgraded version launched in November 2022: MRS v3.
By having access to more detailed information about their transactions, cardholders can track their spending more accurately, identify areas where they may be overspending, and better manage their finances. This information can also be helpful for budgeting, expense tracking, and reconciling credit card statements, as well as fighting potential online fraud.
Why is Transaction Data Enrichment a must-have for banks?
Transaction data enrichment offers a wealth of benefits that can improve banks’ services and help them stay competitive in today’s marketplace:
- Enhanced customer experience: Transaction data enrichment enables banks to deliver a more personalised and informative customer service. By providing enriched data, banks can give their customers a better understanding of their spending habits, helping them make more informed financial decisions.
- Improved fraud prevention: Enriched data can help banks better identify and prevent fraudulent transactions. By providing more detailed information about transactions, banks can more easily identify patterns of suspicious activity and take action to prevent fraud.
- Reduction in customer service calls: When customers have access to enhanced transaction data, such as the merchant’s name, location, and contact details contact to customer service channels for help understanding transactions are greatly reduced. This resulting in substantial cost savings for the financial institution.
Furthermore, the recent Mastercard mandate for enriched payment data highlights the growing importance of transaction data enrichment in the financial industry. Banks that fail to adopt this technology risk falling behind their competitors and missing out on valuable opportunities.
At Snowdrop Solutions, we have a proven track record of delivering exceptional services to banks and financial institutions, and a long list of customer success stories that demonstrate our ability to deliver the best transaction data enrichment solution in the industry.
At Snowdrop Solutions, we pride ourselves on being a profitable company for the past 10 years free from VC backing. This not only gives us reliability and credibility in the industry but also allows us to focus on providing the best possible service to our clients without any outside pressures. Our commitment to putting our customers’ goals first has been the cornerstone of our success. We have a proven track record of delivering exceptional services to banks and financial institutions, as evidenced by our long list of customer success stories. Furthermore, we are backed by two of the leading companies in the technology and financial sector, Google and Visa, which enable us to take partnerships to scale. We believe that this combination of financial stability, customer-centric focus, and strong backing from industry leaders makes us the best choice for any institution seeking a transaction data enrichment solution.
Our team can assist you in seamlessly incorporating our MRS API into your current infrastructure to prepare you for the upcoming mandate, which is scheduled to take effect in October 2023.
Get in touch
If you would like to learn more about how we can help you harness the power of enriched payment data, contact us today. Our goal is to help our clients harness the power of transaction data enrichment to improve their services, mitigate risk and remain competitive in the current market.