French Fintech Kard has introduced a range of virtual banking services that allows families to gain a better understanding of exactly where they spend their funds.
These new features show Kard users the actual name of each brand, the corresponding logo or icon and the precise location where the transaction took place.
This means that parents and teens using Kard will have an intuitive, visual understanding of where transfers occur, and improved insights into their spending habits.
Scott Gordon, CEO at Paris-based Kard, stated:
“We continue to make banking easy, accessible and transparent. This partnership with Snowdrop helps us provide teenagers with a banking experience that is tailored to their demands and gives better control over their finances.”
Gordon also mentioned that Kard decided to work cooperatively with Snowdrop after an extensive evaluation and seeing Snowdrop’s Fintech expertise, high accuracy rates as well as progressive roadmap.
Ken Hart, CEO and founder of London-based Snowdrop Solutions Ltd., remarked:
“We are delighted to work with Kard and help French families manage pocket money better. The Snowdrop and Kard teams were able to deploy an outstanding service in just a few weeks, and we are keen to help them scale quickly” he said.
The Kard team has reportedly integrated Snowdrop’s Merchant Reconciliation System (MRS) API tech.
Snowdrop’s MRS solution cleans up transaction data and instead shows consumers verified details for every transfer, consisting of a clean merchant name, categorization, a logo (if appropriate) and contact details, including the official website.
Supported by Google Maps and Cloud, MRS adds various other features like precise location details, mapping coordinates, real-time notifications and merchant analytics, all of which may be used by banking institutions to provide more compelling user experiences that generate greater trust, insights and measurable benefits.
For instance, many banking institutions that have introduced MRS report a rise in consumer engagement, others an immediate decline in customer calls to the call center to question a transaction or request a chargeback.
At present, the services are available to Kard users, most of whom reside in France.
The underlying Snowdrop tech supporting Kard also manages global transfers when Kard users travel overseas as well as all online transactions.
Finally, the two firms continue to talk about offering additional extensions to the services in the coming months.