Nationwide Building Society has chosen Moneyhub to offer transaction data enrichment and categorization services for its UK customers.
The collaboration will extend the application of Moneyhub’s classification and enhancement technology across diverse payment methods, including credit card transactions and direct debits. The process involves processing transaction details to include additional context such as clearer merchant information, related website links or contact details, and geographical data indicating where payments were made.
Both companies state that this enriched information aims to provide Nationwide customers with a clearer understanding of their spending habits and account activities. More detailed records can assist in identifying unknown or suspicious transactions more readily, allowing Nationwide to respond promptly when necessary.
Improving customer insight through transaction data
Nationwide representatives mentioned that the choice of Moneyhub was based on an evaluation of partners capable of supporting its data and analytics initiatives. They emphasized that improved transactional information could aid in developing more personalized digital banking features, while ensuring these tools remain user-friendly for everyday use.
Moneyhub’s officials described their agreement as part of a broader effort to provide banks and financial institutions with detailed insights into income and expenditures via digital platforms. They highlighted the growing importance of fine-grained transaction categorization in enabling budgeting and spending analysis within retail banking applications.
Moneyhub operates an API-driven platform that provides enriched financial data services, including transaction categorization, analytics, and payment initiation. The company is authorized and regulated by the Financial Conduct Authority and holds ISO 27001 certification.
Nationwide Building Society remains the UK’s largest building society and, following its acquisition of Virgin Money, one of the country’s leading providers of mortgage and retail deposit services. As a member-owned organization, it offers various retail banking and savings products.
