eWise Unveils New Financial Transaction CaaS for Financial Institutions

eWise, a provider of financial data aggregation and money management solutions, has launched its new financial transaction Categorisation-as-a-Service API (CaaS) for financial institutions and Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firms.

The launch follows the company's recent announcement of a strategic partnership with WeInvest to provide its clients with a personal wealth management tool, as reported by Finance Magnates.

CaaS essentially enables customers and end-users to utilise personal financial management and behaviour Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term tools to manage spending patterns and savings goals through crowd-sourced data augmented with artificial intelligence.

Join the industry leaders at the Finance Magnates London Summit, 14-15 November, 2016. Register here!

Data Analysis

eWise designed CaaS based on a data structure and algorithm that defines the interrelationship among data elements and augments transactional data to analyse customer behaviour to detect spending patterns and trends.

The platform processes a user’s historical transactions from their bank, credit card provider, brokerage firm, pension, utility provider or loyalty programme.

CaaS is a stand-alone API product, characterised by ‘assisted categorisation.’ It enables consumers to manage all facets of their categorisation lifecycle, maximising categorisation accuracy and user adoption while minimising user input. It is multi-tenanted and secured to provide access to eWise’s B2B customers in defined geographic zones in order to benefit from global knowledge as well as local sensitivity.

We built CaaS to address shortcomings in the market.

Commenting on the launch, David Hamilton, CEO at eWise, said: “CaaS helps companies tag, source and standardise data, while, creating a structure based on their clients’ needs. With CaaS, our customers will be able to expand their capabilities in translating the value of users’ transactional data in building tools to create a real impact on managing their finances.”

The CaaS API is a full stack data product, involving data augmentation and management of users’ preferences, and is a fully secure and permissioned service. It is integrated into eWise’s Money Manager SaaS offering or available as a stand-alone service for developers to plug categorisation functionality directly into their financial services solution.

Scalable Big-Data Approach

Dean Young, Head of Product Management at eWise, elaborated on the company’s new offering: “This is a scalable big-data approach to categorisation. Our self-learning platform is responsive to local nuances, and regardless of the language in which the data is processed, our API will understand it.”

“We built CaaS to address shortcomings in the market. Typical auto-categorisation solutions are far from 100% accurate so we built ‘assisted categorisation’ at the heart of CaaS. Financial services and Fintech firms have begun to tap the economic and engagement value of enriched data, at eWise we created a rich categorisation architecture that is easily and quickly implemented through our API."