Fundtech announced today a partnership with Treasury Strategies, Inc. to offer a new Payments Data Mining Service. The solution enables banks to identify new business opportunities as a result of analyzing data patterns present in their existing payment transaction records. The partnership leverages Fundtech’s expertise in payments data management and Treasury Strategies’ ability to translate transactional data into information that enables banks to more effectively manage and grow the business.
“Treasury Strategies expertise lies in its ability to uncover knowledge embedded in existing data,” said Reuven Ben Menachem, CEO, Fundtech. “Working with Treasury Strategies, we have developed a solution that gives banks the ability to yield strategic insights from payment transaction history. Banks can literally turn this payment data warehouse into a dynamic marketing tool to learn more about customer needs and propel the growth of their business.”
The Payment Data Mining Service will be used by banks in a variety of ways. For instance: to identify opportunities for banks to expand their relationship with existing corporate customers, and thereby capturing more fee-generating services revenue; to help banks segment their client base in order to better market their services; and, to better understand the profitability of their services.
“At Treasury Strategies, we’ve discovered that effective data mining tools can help banks to increase profitability and revenue,” said Tony Carfang, Partner, Treasury Strategies, Inc. “We are pleased to be teaming with this leader in payment and cash management solutions to implement this innovative service for banks around the world.” The new service will leverage payments expertise and analytical tools across the two companies. Treasury Strategies will provide in-depth, customized consulting, as well as powerful data-mining tools, including proprietary computer models that translate data into actionable insights. The new service will be supported by Fundtech’s Professional Services Group.