NEWARK, N.J., Feb. 23, 2021 /PRNewswire/ -- 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.
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."
About National Retail Solutions (NRS) NRS operates a nationwide point-of-sale (POS) terminal-based platform to bodegas and other independent retailers. The NRS platform provides a robust portfolio of tools to help these retailers compete more effectively including loyalty programs, consumer coupons, and wholesaler discounts and is fully integrated with Boss Revolution® voice and payment services. Consumer packaged goods (CPG) suppliers access the NRS platform to offer promotions, coupons and special offers. The NRS platform provides CPG suppliers with unprecedented access and reach into the urban, ethnically focused consumer markets served predominantly by bodegas and other independent retailers. For more information on NRS DOOH Advertising, visit www.nrsdigitalmedia.com. NRS is a subsidiary of IDT Corporation.
About Facteus Facteus is a leading provider of actionable insights from financial data. Through its innovative synthetic data process, Facteus safely transforms raw financial transaction data from legacy technologies into actionable information, which can be used for machine learning, artificial intelligence, data monetization and other strategic use cases, without compromising data privacy. The company's data products have been gathered directly from over 1,000 financial institutions, payment companies, fintechs, and payment card programs, giving business and investment executives access to the "truth" of actual consumer financial transactions, not just general trends. To learn more, visit www.facteus.com.