Working with raw data is most often than not a nightmare, presenting itself as badly structured and lacking many essential details that help businesses create amazing products for their customers.
With Nordigen’s Premium 2nd generation, we bring to you exciting improvements that will not only make your products/services more versatile, but also more precise and faster.
Let’s dive right in.
Some of the improvements we are most excited about 🎉
- Better structured data – transaction information and data points (e.g. address) are structured more clearly, with both transaction purpose and business category specified.
- Faster – categorisation data is processed 10 times faster when compared to the 1st generation premium.
- Cleaner – the information is cleaned effectively to provide quality data that is simple to understand.
After all the tests that were done on our initial Premium Products, we understood that there wasn’t a real need for multiple independent products. Therefore, in order to maximize their full potential, we compiled them into a single product, one Nordigen Premium.
That’s exactly what the 2nd generation has to offer: a more effective, faster, and reliable way to make sense of raw transaction data sent by banks, all in one simple product.
What you get with Premium🏆
When evaluating transaction data, from banks you get the sum amount, standard data and tons of unstructured text. With Premium, the output of transaction information also includes the following fields:
- Clean name (company associated with the transaction)
- Branch (if applicable)
- Location (address, city, region, postal code, country)
- Website information
- Transaction type
- Business category
- Purpose category
As an example, if you work for Nordigen, in your transaction data the business category is “IT service provider”, but the purpose category is “Income” &“Salary”. But there is so much more you can do with the information provided when using our new product.
With Premium, you will see segmented information about the location of the business (address, city, region, postal code, etc.), direct URLs to their website and also their logo images. With this data organised in a really neat way, it will be a breeze to integrate these extra pieces of information into your products and services, greatly improving your customers’ user experience.
Using the example of Nordigen as an employer, for a monthly salary paid to an employee account, you would go from this unstructured raw data: 👇🏻
To this gorgeous piece of data, with all the information you need, organised, and essentially one line of code away: 👇🏻
With the arrival of Nordigen Premium’s 2nd generation, you will have access to a much improved categorisation feature, that allows for a comprehensive understanding of all income and expense transactions.
Transaction categorisation hierarchy tree
To allow for fast, intuitive, and efficient analysis of data, we have implemented a 3 level hierarchy tree for both verticals, in regard to purpose categories. The main levels – 8 on the income, and 16 on the expense – will give a quick overview on the main category, while the 2nd and 3rd level categories specify the nature of the transaction in more detail.
Below, you can find the new hierarchy tree for transaction categorisation:
Income transaction categories
- Income
- Salary
- Pension
- Pension capital pay out
- Work on demand
- Scholarships
- Income from rent
- Interest received
- Social security benefits
- Unemployment benefit
- Family allowance
- Sickness benefit
- Maternity benefit
- Other social security benefits
- Incapacity benefit
- Alimony and child support
- Tax return
- Cash
- Loans
- Payday loans
- Consumer loans
- Leasing
- Car leasing
- Mortgage
- Credit cards
- Credit line
- Student loans
- Overdraft
- Other loans
- Cheque
- Savings and investments
- Returned payments
- Entertainment
- Gambling
- Lottery
- Casino
- Sports betting
- Gambling
- Other
Expense transaction categories
- Cash
- Food and drinks
- Cafes, restaurants, bars
- Groceries
- Tobacco and alcohol
- Food delivery
- Other food and drinks
- Transportation
- Parking
- Fuel
- Transportation expenses
- Vehicle purchase, maintenance
- Taxi and ride-sharing services
- Travel
- Flights
- Lodging
- Car rental
- Other travel
- Loans
- Payday loans
- Consumer loans
- Leasing
- Car leasing
- Mortgage
- Credit cards
- Credit line
- Student loans
- Overdraft
- Loan penalties
- Other loans
- Bank fees
- Cheque
- Savings and investments
- Investments
- Savings
- Other investments
- Debt collection
- Government and Non-profit Organisations
- Charity
- Bailiffs
- Alimony and child support
- Taxes and government fees
- Association memberships fees
- Administrative violations
- Rent and utilities
- Heating
- Securtiy
- Electricity
- Natural gas
- Rent and maintenance
- Telephone, internet, TV
- Water
- Other rend and utilities
- Personal and Healthcare
- Beauty, cosmetics
- Health and pharmaceuticals
- Gyms and fitness
- Entertainment
- Gambling
- Lottery
- Casino
- Sports betting
- Music
- TV and movies
- Events, museums, and amusement parks
- Other entertainment
- Gambling
- Services
- Insurance
- Life insurance
- Non-life insurance
- Other insurance
- Education and courses
- Postal services
- Childcare
- Accounting and financial planning
- Consulting and legal
- Other services
- Insurance
- General merchandise
- Household goods
- Clothing and shoes
- Children
- Books, newspapers, magazines
- Pets
- Sporting goods
- Online marketplaces
- Gifts
- Other
Furthermore, to facilitate the understanding of data and improve services that have our categorisation as a foundation, the business category has also been revamped. In this 2nd generation Premium, we have made available a list with a few thousand individual categories.
This might sound like an overwhelming number, but the final result is undeniable. You, and your customers, will be presented with a more reliable and precise classification of the business where the transaction originated.
If you're interested in testing Nordigen Premium, please sign up here and a member of our team will reach out to you shortly.
We hope you will find Nordigen Premium useful for your business needs.
If you have any comments or questions, please contact our sales team: sales@nordigen.com.
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