Product Summary

The Moneyhub Categorisation & Enrichment Engine is an award-winning proprietary Machine Learning based transaction categorisation solution. Capable of scaling to handle high volumes of income and expenditure categorisations to an industry-leading degree of detail and accuracy. The engine categorises transactions into industry at three levels, from most generic at level 1, to most specific at level 3. It detects the brand or counterparty involved in the transaction, and geotagging location information, including the postcode, along with latitude and longitude. For loan providers, a level 4 loan type categorisation is also provided. It can detect regular patterns of transactions, typically, but not limited to, direct debits, salary and subscription payments.

The product is used by leading businesses in several sectors to better understand individual customers, both consumers and businesses, to provide tailored experiences and more effective decisions to drive better outcomes. It also allows for trending across a macro set of customers. It has been designed to consume high volumes of data from a variety of data sources, including your in-house data, Open Banking Data and other external data sources and present a unified dataset. New data sets can be added quickly for customers with unique use cases and requirements.

Some examples of the categorisation taxonomy are as follows. The additional industry level (4) required for loan providers provides more specific details.

Brand, counterparty and detection are robust to additional terms in transaction descriptions commonly found: e.g. “01234 17APR21 TESCO STORES BRISTOL GB” will successfully be identified as Tesco with level 3 industry Supermarket. Transactions can be enriched with accurate location information through the transaction description alone, with a combination of merchant name and merchant location, even when the location is generic, such as Bristol, or missing, by leveraging knowledge of the other geotagged transactions for a user.