Financial data categorization and merchant recognition platform

Today the banking industry is actively adopting customer-centric approaches all around the world. Banks need a deep understanding of customers behavior to meet their needs better than their competitors. Largest part of customer behavior is tracked from their spending patterns.

“Optio Discovery” enables banks to have access to the full information about any transaction, with a granular understanding of customer spending behavior not only for the card transactions, but also for ordinary transfers. This is achieved by heavily utilizing machine learning in the transaction analysis process, paired with a knowledge sharing cloud platform , which gathers and shares knowledge between banks. This creates a “network effect”, where every participating bank benefits from the knowledge, created by other banks and vise versa.

Thanks to this approach, transactions are categorized not via MCC codes, but using real merchant information. So every card transaction is assigned not only a category, but also merchant information and transaction Geo locations. As for the transfers, Discovery analyses transaction description, understands the intention of transfer and categorizes transactions accordingly.

This makes Optio Discovery as one of the most advanced transaction data enrichment platforms on the market, immediately opening up lot’s of new possibilities for the banks and helping them to understand their customers better than anyone else.