Business Fintech News

NRS Partners Facteus to Unlock POS Transaction Data

NRS Partners Facteus to Unlock POS Transaction Data

National Retail Solutions (NRS), operator of a leading point-of-sale network for independent retailers, today announced a partnership with Facteus, a leading provider of actionable insights from alternative financial data.

Read More: GlobalFintechSeries Interview: Featuring Givingli and Blackhawk Network

Pursuant to the agreement, NRS and Facteus will collect and process transaction data from NRS’ nationwide point of sale network while preserving data privacy and security. The resulting data sets will be integrated into Facteus’ suite of consumer payment data offerings exclusively for leading financial services and investment clients.

NRS’ rapidly growing point of sale network includes terminals operated by over 12,000 independent small format retailers in 45 states and 152 DMAs. Participants in the network – small format retailers and convenience stores – process over $5 billion in annual sales transactions. NRS is uniquely positioned to provide insight into these robust and predominantly urban markets.

Suzy Silliman, NRS’ Senior Vice President of Data Strategy and Sales, stated, “Our network fills a strategic gap in conventional retail transaction datasets. The insights revealed through the NRS merchant network are often early indicators of crucial shifts in mainstream trends. As such, they are valued by participants in the investment and financial institutions vertical, where Facteus is an acknowledged leader.”

Read More: Willis Towers Watson and Liberty Specialty Markets Launch Reputational Crisis Solution

Facteus’, through its synthetic data engine, MimicTM, will work with NRS to ingest the raw transaction data, synthesize it to protect data privacy, and enhance the data through activities like de-duplication, merchant tagging, tokenization, and more. The transformed data cannot be reverse-engineered back to the original source and does not include personal information. The enhanced data can be analyzed in real-time to better understand the drivers and trends behind the consumer economy.

“It is great to partner with an innovative and data-driven organization like NRS,” said Chris Marsh, CEO of Facteus. “Given the volatility in consumer retail patterns resulting from the COVID pandemic, it’s a particularly opportune time to unlock the value of transaction data. We empower trusted external parties to better understand, in real-time, what is going on across the consumer economy. With our synthetic data engine, we provide those insights while fully protecting the privacy of retail customers.”

Read More: How to Build Modern Customer Service That Matches the Growing Expectations of Banking Customers? 

Related posts

DIFX Says Hola Mzansi by Joining Hands with Digital Banking Platform eZaga to Launch DoshFX

Fintech News Desk

Oasis Pro Receives US regulatory Approval for it Digital Security Alternative Trading System

Fintech News Desk

More than a Quarter (28%) of Americans with Health Insurance Can’t Afford Their Deductibles

PR Newswire