Partnership will deliver actionable insights without compromising data privacy or security
National Retail Solutions (NRS), operator of a leading point-of-sale network for independent retailers, today announced a partnership with Facteus, a leading provider of actionable insights from alternative financial data.
Read More : SalesTechStar Interview with Scott Lasica, Chief Sales Officer at Stream
Pursuant to the agreement, NRS and Facteus will collect and process transaction data from NRS’ nationwide point of sale network while preserving data privacy and security. The resulting data sets will be integrated into Facteus’ suite of consumer payment data offerings exclusively for leading financial services and investment clients.
NRS’ rapidly growing point of sale network includes terminals operated by over 12,000 independent small format retailers in 45 states and 152 DMAs. Participants in the network – small format retailers and convenience stores – process over $5 billion in annual sales transactions. NRS is uniquely positioned to provide insight into these robust and predominantly urban markets.
Suzy Silliman, NRS’ Senior Vice President of Data Strategy and Sales, stated, “Our network fills a strategic gap in conventional retail transaction datasets. The insights revealed through the NRS merchant network are often early indicators of crucial shifts in mainstream trends. As such, they are valued by participants in the investment and financial institutions vertical, where Facteus is an acknowledged leader.”
Facteus, through its synthetic data engine, Mimic™, will work with NRS to ingest the raw transaction data, synthesize it to protect data privacy, and enhance the data through activities like de-duplication, merchant tagging, tokenization, and more. The transformed data cannot be reverse-engineered back to the original source and does not include personal information. The enhanced data can be analyzed in real-time to better understand the drivers and trends behind the consumer economy.
“It is great to partner with an innovative and data-driven organization like NRS,” said Chris Marsh, CEO of Facteus. “Given the volatility in consumer retail patterns resulting from the COVID pandemic, it’s a particularly opportune time to unlock the value of transaction data. We empower trusted external parties to better understand, in real-time, what is going on across the consumer economy. With our synthetic data engine, we provide those insights while fully protecting the privacy of retail customers.”
Read More : Three Ways to Measure Whether Sales and Marketing Teams are in Sync