SpareBank 1 has introduced enriched transaction information, showing merchant names, logos, and locations, with Visa and Snowdrop Solutions.
Norwegian banking alliance SpareBank 1 has improved payment information in its mobile banking apps and online banking platform through an initiative enabled by Visa and supported by transaction enrichment provider Snowdrop Solutions. The update gives customers clearer merchant names, recognisable logos and precise purchase locations displayed on maps, helping them identify where their money was spent.
Making transactions recognisable
Lisa Ruch, Product Manager at SpareBank 1, stated that customers should be able to recognise immediately where their money was spent, as some transactions have been harder to interpret than others. According to Ruch, customers now see the shop name and logo they know and can find the store on a map with a single tap, which she described as a small change on screen that makes everyday banking noticeably easier.
Snowdrop’s MRS API adds merchant names, logos, categories, contact details, and location data to transactions, drawing on AI-driven capabilities. As a Google Cloud Premier Partner, Snowdrop uses Google Maps and the Places database for its enrichment service. The company operates across Europe, the Middle East, and Asia-Pacific, and processes more than 2.1 billion transactions a month for more than 80 customers.
Customer confidence and support
Ken Hart, CEO and Founder of Snowdrop Solutions, stated that clean, accurate transaction information may seem like a small change, but has a real impact on customer confidence and on the efficiency of support services. According to Hart, Snowdrop’s technology allows banks to deliver these improvements at scale, making everyday banking simpler and more transparent.
The SpareBank 1 alliance operates under a joint brand, with its member banks sharing development costs and building common capabilities while remaining independent and locally based. Clearer transaction descriptions can reduce the number of customers who contact their bank to query unfamiliar entries, which Hart linked to the efficiency of support services.
