Snowdrop Solutions releases enhanced version of its transaction enrichment API: Snowdrop Merchant Reconciliation System™

Leading transaction enrichment provider Snowdrop Solutions Ltd. today announced the launch of its upgraded Snowdrop Merchant Reconciliation System™ or MRS 3.0.

MRS helps Financial Service Providers create compelling and intuitive user experiences for consumers by simplifying messy payment transactions and clearly showing where money is spent. Built on the latest Google Maps and Cloud Platform technologies, the easy-to-use API is enterprise ready, simple to implement and highly scalable.

Additionally to advanced merchant name, logo and geo tagging – also available in version 2.0 – the new and exciting data sets bundled into MRS 3.0. – such as ESG insights and carbon footprint tracking – help consumers use their banking apps with even more confidence, reducing call centre inbound calls related to unrecognised transactions.

MRS 3.0. gives partners the ability to go to market within days with light technical effort. Through secure API keys and running out of various data centres around the world, it also offers a secure and scalable model with little to no network latency.

“MRS provides highly accurate and enriched transactions that are better, faster and cheaper than the alternatives,” said Ken Hart, CEO and founder of Snowdrop Solutions. “Powered by billions of transactions and a wide partner deployment network, MRS offers the most accurate data match rates in the market. fast set up and management.” he added.

MRS match rates, i.e. the ability to locate and match the right merchants consistently and over time, are as high as 98%, whilst processing hundreds of millions of transactions per bank per month. This compares to 65%-70% match rate of our closest competitors and many in-house deployments, according to research conducted in collaboration with Google Maps.

The upgrade to MRS version 3 is simple as ‘the API continues to work in the same way and does not require any significant work for existing Snowdrop MRS customers’, said Andy Jones, Head of Product and Engineering at Snowdrop Solutions. At Snowdrop, we will work closely with our customers to upgrade to the latest version over the next few months.

Snowdrop’s MRS solution is available through Snowdrop’s partnership with Google Maps Platform as well as through its partnership with Visa.

For more information about Snowdrop Solutions, please visit http://www.snowdropsolutions.co.uk or the product page https://snowdropsolutions.co.uk/transaction-enrichment-mrs-api