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Hanseatic Bank launches transparency function in banking app

Thursday 4 May 2023 15:25 CET | News

Germany-based Hanseatic Bank has launched a new transparency function in its banking app in collaboration with Visa and Snowdrop.


Hanseatic Bank is making new services available to its private customers in its banking app. In collaboration with Visa and Visa Fintech Partner Snowdrop Solutions, a solution was implemented that shows card transactions with unique names, logos, and categories of merchants. The Hanseatic Bank is the first card-issuing bank in Germany to offer this solution. With the new service, Hanseatic Bank customers can retrieve clear information about their Visa card transactions and thus get a better overview of their spending. In the Hanseatic Bank Mobile app, users can now see payment transactions clearly marked with the clear names and logos of most retailers and displayed in different categories such as "Food & Drink" or "Shopping".

Use of MRS

The new service is based on Snowdrop Solutions' transaction data enrichment technology (Merchant Reconciliation System MRS), which enables customers to better understand exactly where they spend their money. With the unique merchant names and associated logos, they get a better understanding of their card turnover and spending habits. Optionally, further details on sales can also be called up. The Hanseatic Bank is using the MRS technology with Visa and Snowdrop Solutions for the first time in Germany.

Hanseatic Bank launches transparency function in banking app

 

According to a Hanseatic Bank representative, the bank is looking forward to this opportunity to work closely with Visa and now also with Visa Fintech partner Snowdrop to offer even more digital services in the future. A Visa representative adds that this partnership with Hanseatic Bank and Snowdrop is an example of how banking innovations that represent real added value for customers can be introduced to the German market quickly and cost-effectively. Snowdrop Solutions is an official partner in the Visa Fintech Partner Connect program, through which Visa connects banks with fintech partners to jointly make payment and banking solutions accessible to end users.

 

Future upgrade plans 

In close cooperation with Visa and Snowdrop Solutions, Hanseatic Bank is planning to continuously expand the range of services in its banking app, for example by displaying the geographic locations of individual transactions on a digital map. In addition, the service provided by Snowdrop Solutions lays the foundation for future spend management and sustainability offerings. This includes, for example, the option to provide customers with information about the environmental footprint of their spending behaviour, which is made possible through the cooperation with the Visa Fintech network.


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Keywords: partnership, mobile banking, online banking, transactions , financial services
Categories: Banking & Fintech
Companies: Hanseatic Bank, Visa
Countries: Germany
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Banking & Fintech

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Hanseatic Bank

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