Transaction Data Enrichment (TDE)

Transaction Data Enrichment (or TDE) is the ability to access and analyze high-quality financial data. Transaction data currently provided by financial institutions are often ambiguous and cluttered with letters, numbers, and symbols, making it difficult for consumers to recognize their own transactions. Furthermore, it is challenging for financial institutions to utilize the data and improve the customer experience fully. Envestnet | Yodlee’s transaction data enrichment is a great way to reduce customer confusion by bringing context and clarity to transaction data and gaining valuable insights that can be used to further marketing efforts and customer interactions.

The key benefits of TDE are:

• Translation of often garbled and confusing transaction data into clear, easy-to-read information,
• Reduction of customer support calls (from customers regarding cryptic transactions) and subsequent fraud research costs,
• Clarification of transaction intent via the provision of simple, intuitive descriptions along with other allied attributes such as merchant names, dates, and amounts,
• Putting financial data into context, both for your organization and the customers you serve, and
• Leveraging the data to gain insights, predict trends, and target the right customers with the right products and services.

Envestnet | Yodlee sorts transactions into various income and expense categories by considering the transaction's context. For example, a GEICO Insurance transaction would readily be considered an insurance transaction and assumed to belong in the Insurance category. Our categorization algorithms look beyond the series of keywords or merchant names to assign the category and consider other transaction attributes, such as the size of the transaction, whether it's a debit or credit, etc. At closer inspection, the categorization algorithm can discern whether a GEICO Insurance transaction is an Insurance payment, a refund, or a GEICO employee’s salary/direct deposit. For a list of TDE categories click here.

The TDE simple description, as the name indicates, is a basic and streamlined version of the long and sometimes messy transaction description. It is derived from the transaction description, the merchant name, and the transaction type. The simple description is helpful for mobile applications with limited screen sizes. An example of a typical description in a credit card statement might be the following:

Banana R CC DES:BR EPAY ID:xxxxxx0752 INDN: xxxxxxxxxxxxxxxx CO

TDE will generate the following simplified description:

Credit Card Payment – Banana Republic

The TDE service provides the merchant name and geo-location (separate sign-up required for geo-location). TDE will also supply the geo-location information for brick-and-mortar locations, including the address, city, state, ZIP code, and longitude and latitude coordinates. Other digital location information, including the website, email address, and phone number, may also be supplied.