April 10, 2015 – SaltEdge Inc. is proud to announce the release of a unique update for its automatic financial transactions categorization engine. This feature allows to automatically categorize users’ transactions based on the data imported from the synced financial institutions.
SaltEdge Categorizer enables personal finance apps to streamline and automate the transaction categorization process. Users won’t have to categorize their transactions manually. The Categorizer retrieves the transaction description from users’ accounts in financial institutions and automatically attributes it to one of 78 relevant expense/income categories.
The Categorizer has been designed as a self-learning feature. It analyzes users’ categorization preferences and adjusts its rules of assigning categories to transactions accordingly. The categorization process delivers results with an accuracy level above 80% and is constantly improving. Moreover, the Categorizer supports multiple languages, which makes its work more personalized and precise.
“Our clients’ customers will save much more time by not having to look through newly imported transactions one-by-one and manually update the categories provided by the financial institutions. We plan to increase Categorizer’s accuracy to 90% based on users’ previous experience and available databases of different companies from all over the world.” says Dmitrii Barbasura, SaltEdge CEO.
SaltEdge Categorizer is an important step forward towards optimizing the handling of financial data by making financial transactions categorization efficient and hassle-free. This feature is a valuable asset for all financial apps that aim at bringing more value to their users and improving the performance of their services.
Salt Edge, Inc. is a Canadian company that provides financial data aggregation. Its services enable mobile and web developers to improve their personal finance applications and deliver best user experience. You can find more information about the company and its services at www.saltedge.com.