June 25, 2020
Snowdrop Solutions and Visa collaborate to make customer spending statements clearer
European Banks can now provide their customers with intuitive, real-time information about their spending habits, including seeing where on the map a transaction took place.
London, 25 June 2020
A collaboration between Visa and Snowdrop Solutions will launch a new banking capability to enrich transaction data and provide location context from Google Maps Platform. This move will enable Visa’s issuer bank clients across Europe to offer enhanced digital services to their customers across debit and credit.
Often, customer banking statements contain codes or alternative names for merchants leading to increased customer anxiety and concern about fraud. This can prompt call centre queries to report unrecognised transactions, when in fact the issue is simply that customers are unable to recognise the information presented in the statement. Integrated into banking apps and digital platforms, this new service can:
- Turn confusing transaction information into clean, easily identifiable merchant names in statements with real-time notifications in addition to situating the merchant on a Google map.
- Provide merchant logos and categories for major brands, including both on-line and in-store merchants.
- Enable users to analyse spending habits in new innovative ways and recognise transactions that were previously confusing.
Consumers should be able to look at their bank statement and see a clear list of where they have spent their money, in a way they can understand. This is even more important in the current climate, where consumers may be changing their spending habits and monitoring their spending more closely.This collaboration is another step in our effort to improve the end to end purchasing experiences for consumers which is a goal we share with our banking clients.
Powered by Snowdrop’s Merchant Reconciliation System (MRS), the new service scans the payment processing messages typically found in a bank statement, cleans up the data, finds a matching logo, and locates the relevant merchant in the industry-standard Google Maps Platform maps and Places APIs.
This eliminates consumer angst around unclear transactions whilst boosting loyalty for the bank. Fewer customers contacting call centres with unrecognised transactions leads to a reduction in customer service costs – an aspect that is particularly important when workforces may be impacted due to Covid-19.
This partnership enables banks to bring delightful experiences and location intelligence to the masses. Snowdrop is focused on accelerating banks digital transformation whilst lowering operational costs.By making transactions more transparent, we help make banking more transparent.
We are thrilled to be working with such an innovative company and look forward to the future of our relationship with Visa. And by working with Visa, we enable banks to accelerate their own digital transformation whilst lowering operational costs.
Snowdrop Solutions
Snowdrop Solutions is a Google Cloud Premier Partner and leading provider of location intelligence solutions built on Google Maps Platform. Based in the UK, the company works with leading digital and traditional banks across the UK, Europe and Southeast Asia. Snowdrop’s Merchant Reconciliation System API currently powers the delightful experience behind millions of transactions in digital banking today.