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Categorisation-as-a-Service

The API that automatically categorises user's financial transactions

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CaaS is an API for transaction categorisation

The augmentation of raw transactional data is a key step in building financial apps that assist consumers in understanding their financial spending patterns. CaaS makes this pain free and frictionless by combining big data driven AI for auto categorisation and a 'nifty' data structure that persists personalised category preferences via ‘assisted categorisation’.

The CaaS data structure enables eWise to map category consensus over time, geography and language to produce the highly performant and accurate truth API.

Companies can now plug straight into eWise's globally aware truth API via the fully managed service of CaaS API. CaaS lets businesses focus on their core business strategy.

 

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Use Cases for transaction categorisation

Money Management

Understanding users' spending patterns and behaviours will help you develop better Money Management tools including best-practice features.

Credit application

Categorisation is allowing credit applicants and online lenders to make smarter and faster loan decisions, by providing them valuable insight into customers’ financial habits without having to go through each transaction separately. Each transaction is already automatically categorised.

Fraud detection

Mining data from user's transactions can determine normal and anormalistic behaviour helping in fraud detection. Categorisation is the first step.

EXPAND PSD2 OPPORTUNITIES

Open Banking and PSD2 are giving app providers the ability to consolidate all of their user's accounts in one place through direct banking APIs. Once the financial information is shared with the service provider, raw data can be augmented and categorised in order to make full sense of it and monetize it with cross-selling, upselling and referral programs. 

How does the categorisation API work?


TRUTH API: THE ARTIFICIAL INTELLIGENCE DRIVEN APPROACH FOR TRANSACTION AUTO-CATEGORISATION

The platform transforms and processes all of a users' transactions from their bank, credit card provider, brokerage firm, pension, utility provider or loyalty programme and augments that raw data with categories, merchant and payment method. eWise’s Data Science team developed optimised algorithms that parse and construct data structures that enable language agnostic auto-categorisation of transactions.


A personalised experience through user assisted categorisation

eWise understands through experience that auto-categorisation can never be 100% accurate using a fully automated AI tool. Machine learning models have a degree of error, spend attribution can be extremely personal and CaaS turns these attributes of the process into a feature and not a problem. “Assisted Categorisation” allows users to control their preferences and work in collaboration with auto categorisation. CaaS has all the components to intelligently and fluidly manage categorisation; coverage, category calibration and custom categories.

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