Norwegian financial services provider Bulder Bank has officially introduced new enriched data transaction services for their retail banking clients.
Powered by Snowdrop’s Merchant Reconciliation System API, the new service transforms previously messy payment data and instead “returns enhanced and intuitive information that displays the clean merchant name, the matching logo (if appropriate) and category.”
Known as MRS, the service also “provides more details such as the precise location of the merchant on a map, directions to get there, StreetView imagery, opening hours, contact details, etc.”
Finally, customers can also “receive the information above from the bank as a real-time notification – useful to help fight fraud when the location of a transaction looks suspect.”
The service, a first in Norway, is available “to all Bulder Bank customers initially via the bank’s mobile app.”
Besides helping users to visualize and manage their spending habits, the service “is expected to also lower customer center and operational costs for the bank.”
Pål Nielsen, Head of Product Development at Bulder Bank, stated:
“We know that customers want a better overview and insight into their transactions. The MRS service from Snowdrop responds to both parameters and will provide the customer with improved information about their payments.”
The team at Bulder Bank quickly “integrated the Snowdrop MRS API in just a few weeks.”
MRS is an API that runs securely, reliably and scalably with Google Maps and Cloud Platform, “delivering near real-time results whilst being able to process billions of transactions.”
Ken Hart, founder and CEO of Snowdrop Solutions, remarked:
“We are excited about partnering with such an innovative and agile bank. We continue to share best practices from our wide number of deployments with them, and look forward to working together on new initiatives such as ESG and sustainability in the coming months“, he added.
As noted in the update, Bulder Bank is “a separate brand that is part of Sparebanken Vest and operates under Sparebanken Vest banking license in Norway.”