Transaction descriptions are often cryptic and non-descriptive of the actual merchant or institution for which the transaction was processed. Segmint adds value by enriching the transaction data, identifying the merchant, and providing categorizations to help the FI understand their customers' preferred merchants, which competing institutions their customers make payments to, who they receive money from, and more.
Problem to be Solved:
How Segmint Data Adds Value:
To access a friendly transaction description, simply submit a transaction to the following endpoint to receive a simple, clear description and up to levels of classification.
To request payment cleansing at the transaction level, simply submit a transaction to the following endpoint to receive a simple, clear description and two levels of classification.
Integrations with our API
Merchant identifications and classifications can be retrieved by posting transaction details to the merchant endpoint. Segmint’s transaction cleansing service ingests this data and transforms the raw, complex description into a consumer-friendly merchant brand name. Additionally, the solution provides two levels of merchant categorization that provides context to the data tag so that you know if Pirate’s Cove is a miniature golf establishment or a themed restaurant.
This stand-alone solution requires no other data sources to be provided by the institution. However, to help train our algorithms for your unique customer data, Segmint requests a set of seed transaction data. For optimal results, we prefer six months of historical data for seeding purposes.