Created by: Emilian Siemsia | 15 April 2024

Transactions – how to make use of accurate, real-time data from a trusted source

Having direct and instant access to a bank account is now a standard most customers couldn’t live without. However, businesses may struggle with collecting and verifying data that comes from various sources. This is where Planky’s Transaction comes in. The platform enables businesses to extract real-time transactional data from the bank in one click. Yes, in one click – this is a real game-changer if you want to benefit from instant account verification, improve customer experience, and save on costs.

What is Transactions?

Transactions is a powerful, yet simple and intuitive tool designed to provide you with the full financial picture of your customers. 

Simply speaking, it’s a user-friendly dashboard loaded with massive amounts of data that allows you to track spending data across all checking, savings, and loan accounts, as well as the credit cards of your customers. The data is 100% verified and comes directly from the most trusted source – the banks. 

It’s consistent and standardized, visualized in a very convenient way. The platform enables customers to refresh their transaction data whenever they need it, with a single click. On the other hand, you can keep up with your customers’ expenses and deposit insights and verify whether they can afford your products or services. In fact, you can be certain about their financial conditions and spending habits.

How does Transactions work?

Transactions is an AI-powered tool that helps businesses fuel their product innovation. It uses a perfect combination of developer work, data standardization, and high-quality coverage that can be easily integrated into your product to extract the real value from data. It appears as an option to add a bank account or connect a different type of account, depending on your needs and requirements.

Once integrated, the customer needs to:

  • Select their financial institution. 
  • Authenticate financial accounts by submitting a username and password.
  • Choose the accounts they want to connect.
  • That’s it! The accounts are added.

Once a customer submits their username and password, you can quickly and easily verify ownership of the account and collect all transaction data you need. Your customers don’t pay for using the service and they can choose from thousands of banks Planky collaborates with. A great thing is that Transactions doesn’t need coding to kick off. It’s a fully scalable solution that enables you to access any transaction from any source in a few clicks, without any programming knowledge and developer skills. Integration is a snap, all through a simple API. In seconds, you get accurate, real-time data that adds value to your product with enriched data directly from thousands of European banks.

What are the benefits of Transactions?

Transactions has been designed to help businesses instantly monitor their customers’ bank and transaction data and, in consequence, make smarter, data-driven decisions. It allows companies to transform raw transactional data into outstanding features that increase customer engagement and speed up time to market. With the Transactions tool, you can count on:

  • Value-added data instead of struggling with raw, messy data with duplicate entries and large strings of text. The data you extract from Transactions is cleaned, refined, and standardized, and you can use it right away.
  • Better understanding of your customers – you get instant access to transaction data – customers’ incomes and expenditures – so that it’s easier to tailor your offer and increase conversion rates.
  • Improved customer experience by providing your customers with user-friendly, customizable tools. 
  • Access to real-time transaction data (cleaned and standardized!) from thousands of European financial institutions. You get all the user’s account information such as credentials and transactions from various accounts in a single view. 
  • An opportunity to identify customers at risk – as you get instant access to customers’ finance data, you can quickly predict whether they can afford your product.
  • Reduction of the risk of failed payments. You can instantly verify whether a payment is possible to make. All automated and in real-time, with no delays.

Also, on top of unlimited access to transaction data, you also get the excellent Balance Check feature. It’s a handy Planky solution that provides you with your customers’ account balances, as well as their running balances after each transaction they make.

Boost your business with Transactions 

Wondering if you are able to implement Transactions hassle-free? No need to worry! All Planky tools provide an amazing, intuitive developer experience. Integration is extremely simple, with as little as one line of code. Once your customers connect their accounts and authenticate to their banks, the data is immediately available for you to use without worrying about any infrastructure. 

Need more information about Transactions? See the extensive documentation and see for yourself how simple the integration is. Ready to start using the tool? Book a demo for free

Transactions Balance check