We're releasing an update for our Transaction Categorisation engine that will allow our Premium and Enterprise users to categorise transactions in 29 European Economic area countries:
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
Transaction Categorisation adds context to raw transaction data, which is a must-have tool for any developer or data scientist that works with banking data. Transaction Categorisation can be used to build income verification solutions, automate customer onboarding flows, or build powerful personal finance applications.
Transaction categorisation process (also referred to as transaction classification, labeling or tagging) is also often used as a foundation for building more complex analytical solutions. These solutions include credit scoring models, fraud detection models and propensity-to-buy solutions.
Our standard Transaction Categorisation solution currently assigns a single category to a transaction based on a fixed taxonomy, however it will be possible to request access to our Transaction Tagging (beta) solution that assigns multiple tags (categories) to a transaction and has a customisable taxonomy.
The latest update for our Transaction Categorisation was possible due to several months of research in global transaction data properties as well as working closely with our international clients on finding the right balance between categorisation properties such as precision, coverage and granularity of category trees.
If you're interested to learn more about transaction categorisation as well as how to compare categorisation solutions, download our whitepaper “Ultimate Guide To Transaction Categorisation”.
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