PwC enriches payments offering to financial services with Snowdrop

16 April 2024 Consultancy-me.com 2 min. read
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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.

PwC enriches payments offering to financial services with Snowdrop

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 celeberated. 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 will support this goal by integrating MRS within its payments offerings for financial institutions, by ensuring a smooth implementation of MRS at joint clients, and by introducing MRS to leaders within its wide network in the industry.

“Together, will empower financial institutions across the Middle East to unlock their full digital potential,” said Ken Hart, CEO and Founder at Snowdrop. “We will equip them to evolve their digital offerings, improve customer experience through transaction clarity, and become true leaders and innovators, not just regionally, but on a global scale.”

Ian Hooper, Partner at PwC and Leader of the Payments practice, said that the collaboration will provide the firm with an edge in the market. “Through this collaboration, PwC is poised to drive efficiency, accuracy and new experiences in the evolving landscape of banking and payments.”

“It embodies our unwavering commitment to spearhead digital transformation initiatives and empower financial institutions with next-generation citizen-centric solutions,” he added.