PwC enriches payments offering to financial services with Snowdrop

PwC enriches payments offering to financial services with Snowdrop

Snowdrop, a provider of payments solutions to the financial services industry, has agreed a partnership with PwC covering the Middle East region. Established in 2013, Snowdrop provides geo-location technology that helps financial institutions enrich their payments transitions and services to customers. By adopting Snowdrop’s transaction enrichment platform, financial institutions can provide their customers with clarity around each offline/online purchase, including the likes of merchant name, logo, location, and provide some form of categorisation to the spend. Using this information, users can identify their payments. The so-called Merchant Reconciliation System (MRS) of Snowdrop is based on the combination of location data with a huge database of merchants, and backed by machine learning and large language models. The solution is trusted by major institutions across Europe and Asia Pacific, with nearly 1 billion transactions per month in 200 countries+ currently being enriched by Snowdrop. The first success in the Middle East has already been celberated. Boubyan Bank recently became the first bank in Kuwait to offer its customers a complete and seamless view of their financial transactions – a service that is powered by Snowdrop’s technology. Now working together with PwC, Snowdrop aims at expanding its presence in the region. PwC