Snowdrop Solutions has strategically enhanced its merchant data capabilities by migrating to Google Cloud, significantly increasing its processing capabilities.
- The fintech firm now processes an impressive 1.47 billion transactions daily, a notable increase from the previous 20 million.
- Using Google Places API, Snowdrop has bolstered its merchant database, increasing merchant recognition rates by 10-15%.
- The migration has led to rapid deployments and cost efficiencies, reducing data ingestion time from 90 days to just two weeks.
- Leveraging Google Cloud’s AI tools, Snowdrop has expanded its merchant database by over 100,500 times, enhancing transaction accuracy for clients.
Snowdrop Solutions has strategically scaled its merchant data enrichment capabilities by migrating to Google Cloud. This fintech firm’s Merchant Reconciliation System (MRS) API, which clarifies complex transaction data for financial institutions, previously processed 20 million transactions daily. Post-migration, this number has soared to 1.47 billion, showcasing a monumental increase in processing capability.
Central to Snowdrop’s expansion is its use of the Google Maps Platform, particularly the Google Places API, which has been crucial in enriching its merchant database. Through localised merchant information combined with manually scraped website data, Snowdrop has achieved a 10-15% increase in their merchant-to-transaction match rate. Product Director Daniel Ritchie highlights that geolocation data from Google Maps has allowed the company to recognise hundreds of thousands more small merchants in their system.
The migration to Google Cloud was driven by the need for improved platform performance, stability, and global expansion. Utilising Cloud Storage and BigQuery as a data warehouse, Snowdrop has enabled rapid deployments in new regions and cost-efficient resource scaling. This strategic move has reduced the time required to ingest new client data from 90 days to just two weeks and improved transaction accuracy by 40%. Daniel Acosta, Head of Technology, notes that this transition has allowed Snowdrop to offer high-value, cost-efficient solutions to their users.
Further advancements have been made through the integration of Vertex AI with BigQuery, automating many aspects of the merchant reconciliation process. This AI-assisted approach has expanded Snowdrop’s merchant database significantly, by a factor of 100,500. Daniel Ritchie explains that the use of AI enables the team to train the system to better recognise and match merchants to their respective transactions, providing enhanced information and accuracy for clients’ end customers. Future enhancements are planned with technologies such as AlloyDB and Gemini for even more efficient data management.
Snowdrop’s collaboration with Google Cloud not only brings technological benefits but also improves team dynamics. The Google Cloud Partner Advantage Programme facilitates continuous learning and early access to new features, which aids in the innovation and development of Snowdrop’s solutions. Acosta believes that this partnership boosts morale while helping the company maintain its forward-thinking edge in the fintech industry.
Snowdrop Solutions’ strategic migration to Google Cloud has substantially augmented its data processing capabilities, enhancing overall transaction accuracy and efficiency.
