Understanding the Power of Enriched Transactions with Google Maps Platform
Introduction
The power of enriched transactions with Google Maps Platform lies in providing clearer insights to consumers and offering banks the data they need to improve services. By associating each transaction with detailed merchant and location information, this technology enhances security, efficiency, and consumer understanding.
Introduction to Transaction Enrichment
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One week ago, I was at the Money 2020 event in Europe, where I joined David Rubin from Visa and Ken from Snowdrop solutions to discuss transaction enrichment.
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Our focus was on demonstrating how our technology can enhance the financial services industry by providing greater security, efficiency, and consumer understanding.
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By associating each transaction with detailed merchant and location information, we aim to offer clearer insights to consumers and provide banks with the data they need to improve their services.
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Ken will share more about Snowdrop’s background and entry into the financial sector, while David will elaborate on our collaboration with Visa to enhance transaction information for cardholders.
Merchant Reconciliation System and Google Maps Integration
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The system, known as the Mrs API, cleans up messy merchant information found in point-of-sale transactions.
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It standardizes the merchant names, retrieves logos, and provides additional details from Google Maps, such as categories, addresses, and contact information.
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No personal information is shared with Snowdrop, ensuring user privacy.
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The system has been successfully implemented in the financial sector, improving user experience and engagement.
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Banks have seen cost savings and increased engagement, while cardholders benefit from enriched transaction details, reducing confusion and the need for contacting the bank.
Understanding the Merchant Reconciliation API
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The merchant reconciliation API is designed to provide cleaner and richer transaction information to banking app users.
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It takes messy transaction data from the authentication message, including the merchant name, postcode, address, and merchant category code.
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The API responds in near real time with a clean merchant name, category, and logo or icon if available, without sharing any personal information.
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Users can also access additional information such as the merchant’s location on a map, directions, reviews, and ratings.
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The API works with all types of debit and credit card transactions, focusing solely on transaction data and not the amount.
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The functionality of the API is likened to how Google Maps provides location information but goes a step further by offering clean merchant names and logos.
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Additional sustainability information from third parties can also be integrated into the API for a more comprehensive user experience.
Enhancing Digital Banking with Geospatial Information
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The speaker discusses the potential of using geospatial information in digital banking to provide a more enriching experience for cardholders.
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They envision a future where all transactions are easily accessible on digital devices, eliminating the need to keep physical receipts for extended periods.
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The use of geospatial information in banking is becoming increasingly important, with consumers expecting highly accurate location-enhanced transaction enrichments.
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The speaker highlights a report from Oxford economics, which emphasizes the significance of geospatial information in cleaning up transactions and providing intuitive services to consumers.
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They emphasize that users in the UK have already embraced this technology, and it is expected to spread globally as digital banking becomes more prevalent.
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Furthermore, the speaker mentions the ease of integrating geospatial information into banking services, emphasizing the straightforward API and readiness of contracts with visa and Liberty.
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The potential benefits of geospatial information in digital banking are further discussed, including increased consumer engagement, trust-building, and the ability to offer new services such as travel recommendations and rewards.
Collaboration Between Visa, Snowdrop, and Google for Transaction Enrichment
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The collaboration aims to provide people with more clarity about their spending insights and how much money they’re spending.
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The ecosystem involves Visa, Snowdrop, and Google to lay the foundation for additional transactions, offers, and clear information, enabling people to have better control over their spending and understand its impact.
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Visa is in a position to increase and amplify the reach of fintech partners, bringing domain expertise in financial services to enhance the capabilities of partners like Google.
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The partnership between Snowdrop and Google leverages the power of Google Maps and Google Cloud to process billions of transactions every month across hundreds of countries with high accuracy and speed.
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The collaboration sets the foundation for more innovative services and capabilities, aiming to bring these to traditional banks through the combined expertise and network of networks.
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Technical information about transaction enrichment can be found on the Google Map platform website, while Snowdrop’s solution website provides details about the transaction enrichment solution. Furthermore, a report on the importance of transaction enrichment and the vision can be found on Visa Navigate.
Conclusion
Enriched transactions empowered by Google Maps Platform are revolutionizing the financial sector by providing detailed merchant and location information. This offers clearer insights to consumers, improves bank services, and enhances security and efficiency. The collaboration between Visa, Snowdrop, and Google sets the foundation for innovative services and capabilities in transaction enrichment.