At Money Dashboard, categorisation of transactions is keys to our customers’ success. Read our case study to discover the power of our Categorisation as a Service API.
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We see our platform as a game-changer in the world of Open Banking solutions that is only now beginning to develop at pace. What is really exciting is not only the potential for the platforms to create a whole new wave of fintechs, but also that, ultimately, the end consumer is going to get much improved products and services.
By using the Open Banking Data Enrichment API, you will benefit from a high accuracy rate for merchant and purpose. You can build the product you want with the highest degree of confidence.
Furthermore, our Machine Learning model never stops learning, so the data you contribute continually improves the tagging, benefiting you and the fintech community in a virtuous cycle.
Tagging transaction data needn’t be cumbersome, or costly. Simple!
The Categorisation as a Service (CaaS) system that Money Dashboard developed utilises Machine Learning models using supervised learning based algorithms. The models are trained on over 600 million transactions across three levels of purpose categories (a total of 289 categories) and over 1200 merchants.
These models leverage Money Dashboard's deep expertise in understanding the structure and format of a multitude of transactions across different banking institutions and providers.
The model performs with the highest degree of accuracy for purpose and merchant categorisation respectively. This was verified in testing utilising an external set of transactions unseen by Money Dashboard's models, but also a set that used a different mechanism for removing PII. The models are able to handle a diverse set of transactions pre-processed using different methodologies.
Our API offering is cost effective with no up-front costs, no monthly minimums and no volume commitments. Contact us for more details