Jack Henry has recently announced the introduction of its native transaction enrichment capabilities on the Banno Digital Platform, in partnership with Bud Financial.
This collaboration is anticipated to empower banks and credit unions using the Banno platform to offer clearer insights into their customers’ transactions. The goal is to enhance everyday money management and allow financial institutions access to high-quality data that can be leveraged for various purposes.
As spending patterns continue to change, it becomes increasingly crucial for individuals to have a clear understanding of their finances. Moreover, comprehending transaction details is vital both for the banks and their clients. To this end, Jack Henry has integrated Bud’s Enrich product into Banno with the objective of delivering enhanced accuracy and speed in transaction categorization and merchant identification.
Improving Clarity and Accuracy in Digital Banking
The integration of this feature into Banno is intended to enhance clients’ visibility into their spending behaviors and merchant activities. This, in turn, will enable the provision of more relevant and trustworthy experiences to users.
Through this partnership with Bud, both companies aim to equip financial institutions with cleaner and smarter transaction data. The ultimate goal is to improve digital customer experiences and identify potent data-driven opportunities for future growth. They remain committed to addressing the evolving needs, preferences, and demands of their clients while adhering to regulatory requirements.
With this capability now available on-demand to Banno customers, financial institutions can expect:
- Improved categorization, providing immediate clarity on each transaction
- High-accuracy merchant identification aimed at adding valuable insights and reducing ambiguity
- Broad coverage designed to include all types of financial transactions, ranging from discretionary spending to income
