NatWest has launched Enriched Transactions a new transaction categorisation service. The service is available to businesses, such as Account Information Service Providers (AISPs) and lending providers, to integrate with their apps and digital platforms.
By making the API-enabled service available to businesses, NatWest is the first UK bank to offer transaction categorisation as an extension to Open Banking APIs. With customers’ consent, businesses can use Enriched Transactions data to give customers personalised insights. This can include tips on how to manage their budget or reduce their carbon footprint and help customers gain more control over their finances.
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The Enriched Transactions can also support businesses with affordability checks. This could reduce the need for customers to upload payslips, helping them save time and reducing the risk of manual error. The new service works by automatically linking customer transactions to categories aligned to Financial Conduct Authority (FCA) standards. The service can also provide businesses with a 3-level breakdown of those categories.
Enriched Transactions focuses on accuracy
NatWest’s analysis of customer transactions has shown that the service can categorise up to 89% of transaction types, with up to 98% of transactions being categorised accurately. This makes the service one of the most accurate categorisation tools in the market.
Barry Connolly, Managing Director Everyday Banking at NatWest Group, commented: “Helping our customers thrive financially today and tomorrow with simple and easy everyday banking is central to our strategy. We have helped over 3m customers by providing insights on how to improve their personal financial wellbeing, better manage their budget and build regular savings habits. This is possible due to our focus on innovation and data led experiences like Enriched Transactions, where our high accuracy increases the ways we can help add value for our customers.”
In the months ahead, NatWest will be looking to sign deals with AISPs and other businesses who wish to use Enriched Transactions. AISPs who want to use the service to categorise NatWest customers’ transactions can access it through an extension to NatWest’s Accounts & Transactions API.
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