Payment Enrichment Services How We Work Outlook Payment Enrichment Services Transaction data reinterpreted Generate added value from transaction data while bringing transparency to your customers' personal and corporate finances. With Payment Enrichment Services from SIX, you'll transform raw data into useful information and create unique user experiences based on new, data-driven offers. Moreover, you'll comply with Mastercard’s AN 4569 mandate, which requires that banks enrich card transactions with additional merchant information starting from October 2023. How it works Key Benefits Enhance Data Value Ensure high-quality and user-friendly data by uniting our data preparation algorithms, pattern recognition, and human curation Deliver Customized Solutions Use transaction insights to create personalized offers, increase transparency, boost engagement, and foster financial literacy Enhance Client Satisfaction Use curated transaction data to enable better recognition of merchants and increase understanding of spendings while offering a great user experience How it Works Several services that you can build upon. Transaction Categorization Benefit from our intelligent categorization model, which is significantly tailored to the Swiss payment market. High accuracy in categorizing transactions and assigning merchant names Takes into account all payment methods commonly used in Switzerland: credit transfer, card, QR-bill, eBill, TWINT, etc. Extensive categories that can be tailored to your purposes: shopping, transport, salary, tax, pension (e.g., 3rd pillar), etc. «Pretty Names» Forget cryptic merchant names. With Pretty Names you give payment information in your app a worthy appearance while your customers profit from more transparency in their earnings and spendings. Uniform and clean display of merchant names without unnecessarily confusing information Reliable identification of both Swiss and international merchant names «Merchant Logos» More overview for your customers with the clean display of merchant Logos. Thanks to the clean display of the logos, everyone can see at a glance in which store the transaction was made. In combination with the Pretty Names, this gives you an ideal overview. Disclaimer: The logos/trademarks are used for illustration purposes only; all logos/trademarks shown as part of this service are the property of the respective and independent companies and do not establish any claims on the part of the users. Please address any questions or comments to SIX via payments.analytics@six-group.com. «Merchant Contact» Make it easy for users of your app to contact the merchant. Thanks to the «Merchant Contact» feature, they can go to the website or get the most important contact details with just one click. This ensures a smooth customer experience. «Merchant Location» The merchant's location is accurately displayed on a neat map. This also leads to more transparency and improves the customer experience. Additional transparency can effectively reduce the number of chargebacks. Disclaimer: The service has been created with the greatest care and is periodically checked and updated by SIX BBS Ltd (“SIX”). While we strive to ensure the accuracy and completeness of the data presented, we cannot guarantee that it is entirely error-free or up-to-date. Please address any questions or comments to SIX via payments.analytics@six-group.com. Try our Payment Enrichment Services API for free Experience our Payment Enrichment Services first-hand in our free sandbox environment. Please fill in our contact form below and we will reach out to you with your personal access to our sandbox environment. Salutation Mrs. Mr. First Name* Last Name* Company* Telephone E-Mail* Privacy Statement* I have read the SIX Privacy Statement and accept it. * Mandatory field Made for everyone who wants to get more out of their transaction dataThe ideal basis to extend your solutions with novel value-added services based on our transaction enrichment data: Provide overview of income and expenses, e.g. including geographical distribution Predict category-related savings potential UX: display not only merchant names but also the corresponding logos as well as merchant details and many more possibilities, such as enriching transaction data with carbon emission values Showcase: Kaspar& The Swiss investment app integrated our Payment Enrichment Services as part of its latest update – in record time. "Payment Enrichment Services by SIX allow us to seamlessly integrate payment categories into our app in a completely customized way. It's an offering we couldn't find anywhere else in the Swiss market in this form and quality." Jan-Philip Schade, CEO Kaspar& Showcase: debiX+ Since its release in December 2023, the debiX+ app has supported transaction enrichment and not only offers a better look and feel, but also enables greater transparency of your expenses. "The Payment Enrichment Services by SIX enable users of our debiX+ app to view debit card transactions more transparently. By using the latest technologies, such as machine learning, we create innovation and efficiency. Our goal is to offer financial institutions in Switzerland future-proof solutions." Marko Weitel, Senior Product Manager Mobile Services, SIX BBS AG FAQsSix burning questions about Payment Enrichment Services. Why do you need SIX's categorization model when you can simply use Merchant Category Codes (MCCs)? We have identified three main weaknesses in Merchant Category Codes (MCCs): Incorrect: Wrong categorization Inaccurate: No categorization at all or too broad definitions of categories Inconsistent: Same merchant names are assigned to several different categories at the same time In our model, we have overcome this error-prone categorization (to a high degree). What categories does SIX's model include? The standard category model is based on common international examples and distinguishes three main categories with varying granularity and up to 75 subcategories. In particular, our model includes a comprehensive range of Switzerland-specific categories (e.g. pension 3a or taxes). If required, the category model can be extended individually and for specific use cases. We are happy to show you what is possible. What transaction data can the model process? SIX has developed a generic model that can process data from all known payment types. In addition to classic incoming and outgoing payments in e-banking or mobile banking, this also includes debit or credit card payments, TWINT payments, eBill and QR invoices. Are there transaction formats that the model cannot categorize? Transactions that contain no or insufficient information cannot be categorized. Examples of this are missing intended uses, internal reference numbers without reference to a company name or similar cases. What benefits do additional information such as logo and contact provide? Consumers can immediately identify transactions they have performed. This drastically reduces the chance of misinterpretation leading to erroneous fraud or chargeback requests. Also, the metadata enables the customer to provide their users with personal financial management experience in the software through analytics and filtering functions. This improves user satisfaction and increases retention. How do the modules work? Category ModuleThe category module primarily makes use of our algorithm that scans description text fields for patterns to match against our inventory of over 100 high detail categories. The module can also make use of alternative data such as merchant category code data or other data that allows us to limit the scope of patterns to match. The results of the category module are categorizations with varying degree of granularity levels as well as a category logo to display. The varying category levels are customizable and can be applied directly to different use cases, such as displaying additional data on the merchant in e- and mobile banking, or performing analytics on various levels. For example, a transaction with description “Volt 3a - Dynamisch Risiko hoch,DA00100123456789012,XXX AAA,XXX, 8008 Zürich” will receive the categorization labels with increasing levels of granularity “Expense”, “Savings & Investment”, “Third Pillar”. Pretty Name ModuleThe pretty name module extracts merchant strings from the description fields provided and matches those against our curated database of merchants. If a merchant string cannot be tied to an entry in the database, we apply a fallback pattern matching algorithm that is able to identify most Swiss merchants. Whenever merchants are identifiable the pretty name module returns a pretty name which reflects the doing business as name. Logo ModuleThe logo module utilizes the same mechanic as the pretty name module to tie the merchant strings from the description fields to our curated database of merchant logos. If a merchant does not have a public facing logo, or the merchant counterparty is a (private) merchant on sites such as Ricardo, the logo module returns a category logo or platform logo, respectively, as replacement. Merchant DetailsThe merchant details module provides additional data regarding the merchant location where the transaction took place, such as geolocation, address, website, and phone number. This necessitates that additional geographically delimiting data fields, for instance zip codes, are provided and merchant branches/stores can be uniquely derived therefrom. Why are we doing this?Payment data is a valuable and highly underestimated source of information that - correctly interpreted - opens the doors to innovative value-added services. As a key infrastructure provider for business and private payment transactions in Switzerland (e.g. new debit cards, eBill or Open Banking), SIX has leading knowledge and proven experience in handling transaction data of all kinds. Building on this foundation, we are now going one step further by enabling innovative companies to generate compelling added value from their customers' transaction data. To do this, we are building the data models of the future, which are inherently tailored to specific needs of the Swiss market.