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Segmint, Snowflake to cleanse bank payments

Thursday, January 27, 2022 — 08:07:44 (EST)

Cuyahoga Falls, OH, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Segmint, the global leader in transaction cleansing and analytics for financial institutions (FIs), announced a partnership with Snowflake, the Data Cloud company, which can revolutionize the way financial institutions understand and serve their account holders through the granular enrichment of transaction data.

Snowflake delivers an integrated, unified experience that spans across clouds and regions, empowering clients like Segmint to seamlessly collaborate on data with financial institutions.

Financial institutions, which have traditionally struggled to easily cleanse and categorize transaction data because of the tremendous gaps created by the payment process, can now access Segmint’s Merchant Payment Cleansing solution through cloud share from Snowflake. What makes this pacesetting in the industry is the data can now be processed without it being moved between the vendor’s platform and then back to the client; the data remains in the customer’s environment. The function to “call” the data within Snowflake to access the Merchant Payment Cleansing solution makes it simple, fast, granular, accurate, secure and compliant around the rules within the cloud.

“This process will transform the way the industry leverages payment transaction data to inform business decisions. It’s nothing short of a game-changer. The power of this partnership allows FI’s in near real-time to best understand their transaction data natively within the Snowflake environment,” said Rob Heiser, Co-founder of Segmint.

Transaction cleansing is a critical tool that allows financial institutions to better understand customer transaction behavior and model spend patterns. The content of merchant payment transactions is often cryptic and non-descript, with a significant number of transaction variants for a single merchant, making it difficult to distill into a merchant name. The detailed transaction knowledge base and rules library are the key inputs to a machine learning and AI infrastructure that can accurately cleanse and enrich millions of transactions a day. Segmint’s technology takes each new raw transaction received and matches it to the most relevant human-verified entry in the knowledge base. This ensures, even at tremendous speed and scale, a human touch is part of every single enrichment.

“We are very excited about our partnership with Segmint to deliver detailed transaction classification that can enable customers to refine marketing, sales, product positioning and overall business strategy,” said Matt Glickman, VP Financial Services at Snowflake. “Together, Segmint and Snowflake will help financial services customers to streamline their data delivery in the cloud and transform their go-to-market motions.”

About Segmint

Segmint empowers financial institutions and financial technology providers to easily understand and leverage data, interact with customers, and measure results. Derived from billions of transactions, Segmint provides the fastest and most accurate customer insights through advanced data tagging, categorization, and contextualization. Our insights enable all functions of an organization to inform strategies including competitive analysis, risk, marketing, customer experience, and product innovation. For more information, visit www.segmint.com.

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Source: Company press release.