UK: A free Categorisation-as-a-Service API for developers introduced by eWise

The global financial data aggregation and data analytics API company eWise have launched a free service offering businesses access to a Categorisation-as-a-Service (CaaS) API that will allow developers to test their business solutions.

The tool uses machine learning to categorise users’ financial transactions into groups, such as groceries or transport. One of the key features of this system is the “Assisted Categorisation” function which enables users to input their categorisation preferences to help reduce errors and maximise the accuracy of the categorisation. In previous versions of such systems, users were forced to accept the automated categorisation.

RFi Group data shows that there is a degree of consumer interest in this sort of functionality, with 13% of consumers indicating that they would consider the ability to categorise spend valuable if added to their online banking platform.

To be eligible for this free program, businesses need to be developing a new product which has not yet been released. Users of the program will receive three free months access to the eWise CaaS API and comprehensive API documentation. The eWise platform has been designed to work across a number of languages, meaning the system can be used around the world.

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