Categorization transactions involving identifying the subject/reason of a particular transaction. The bank transactions that are gotten for an account are raw, and will still require processing depending on the use case.
With this API, you can easily get properly categorized transactions which can be seamlessly used for your applications. This can be done by either using Dojah’s widget to fetch transactions or providing your own transactions details.
Apart from just categorizing transactions, it is also possible to detect recurring subscriptions, and provide the next likely payment date.
Categories/Sub-categories we currently track
Food, Shopping, Internet services, ATM Withdrawal (Same/Not Same Bank), Cash Withdrawal, Bank Charges, Salaries and wages, Gifts/grants, FX transactions, Pension Benefits, Airtime/Data, Entertainment, Betting, Investment, Transport, Health, Oil & Gas, and Mobile Transfer.
How do we do it?
This API makes use of Machine learning models and merchant validation system to identify certain keywords and phrases in the details of each category and properly categorize by set standards.
This API can be used to give financial insights based on the customer’s transactions, and it can be specifically used in:
- Personal finance applications
How does it work?
Two things are majorly required: the details of the transaction and the transaction type
description: The description of the transaction
trans_type: Either debit or credit
This is the response you are meant to get below:
"category": "Bill Payments",
"service_name": "The Place",
is_subscription in the response returns 1 if this transaction is a subscription and 0 if it is not.
duration can either be monthly or yearly.
service_name is the name of the service of that particular transaction (Netflix), if it is available.
This API is to make building easier and faster.
Ayomide, Product Manager.