In today’s digital age, businesses are generating vast amounts of transactions that contain non-intelligible information. That’s where data enrichment comes in. By adding context and meaning to raw data, businesses can gain a deeper understanding of their transactions, customers, and overall performance.
Transaction enrichment helps to understand information
When we talk about transaction enrichment, we refer to the process of adding information to raw transaction data. Enrichment can be done on various types of transactions like payments, transfers, and direct debits. The goal of transaction enrichment is to reduce the entropy of raw data by giving recognisable information such as brand names, categories, or logos. By adding context and meaning to transaction data, businesses can uncover valuable information to help them make more informed decisions and improve their performance. This information can also improve customer experience, help detect fraud, and ease analytics.
The Process to enrich data
- Clean all the raw data, removing things such as encoding errors or bit flips
- Standardise raw data fields that have similar values
- Analyse patterns in the data and identify against a brand database
- Create a system that is able to understand those patterns and update them dynamically
- Extract all the information from the system for each of the individual transactions
- Ensure data quality of the results as well as the original resources (such as brands and logos)
How do we enrich transactions at Triple?
We enrich all financial transactions with information such as merchant brand and logo, subscription detection, and carbon footprint calculations.
Our API is capable of delivering all mentioned features at once with just one single endpoint. Every time you receive a new payment (card transaction/bank transfer / ATM withdrawal), you can call our API to get enriched data. Once you have the data, you can further enhance your products: show it in the transaction feed, provide user analytics, plug it into a credit risk scoring algorithm, block subscriptions, etc.
You can access our documentation by clicking here. Our API uses the latest technologies to deliver efficiently only the requested data. You can decide what data you are interested in maybe only Brand & Logo and Subscriptions without Location, and we will help you get the best setup for your use case.
Whether you’re a business owner, a finance professional, or a data analyst, you are welcome to join us in this journey of augmenting transaction data.
