Worldpay launches data analysis service for customers

The tool, called Your Marketplace, will give organisations access to a year's worth of historical card payment data from across their business, Worldpay said.

"With all their Worldpay payments data in one place, retailers can significantly reduce the manual effort associated with daily reconciliation and month-end reporting. Worldpay estimates Your Marketplace could help businesses save an average of 40 hours every month on administration leaving more time to focus on interpreting the data to identify trends and answer key business questions," it said.

Dave Hobday, the UK managing director of Worldpay, said: "Every transaction your customers make tells a story that can help you make smarter business decisions. But drawing them out from the vast amounts of data and information available can be time consuming and costly."

Users can "cut and slice" data to uncover payment drivers and understand customer behaviour, both at a macro level and down to individual transactions. They can also analyse branch and business performance over time, Worldpay said.

Granular information shows where revenues are being hit by fraud, helping managers to spot patterns more easily and develop an effective strategy to minimise losses, the company said.

Financial technology expert Luke Scanlon of Pinsent Masons, the law firm behind Out-Law.com said: "There has been a lot of focus on the business-to-consumer benefits of open data and financial data aggregation services. Worldplay’s offering highlights just how important overcoming data silos and reducing the administrative cost burden of reconciliation can be in a business-to-business context, too."

"The real importance here is to move quickly to take advantage of these solutions. It is in this light that regulatory changes that are being introduced in relation to open data should be thought about more carefully from a business opportunity perspective," Scanlon said.

Worldpay announced last month that it is expanding into Australia.

Worldpay processed 13.1 billion transactions in 2015 with transaction value of £401.9 billion, it said. The platform expanded into Canada in February when it won a deal to provide payment services to e-book company Rakuten Kobo.

Worldpay has recently faced technical problems  with payment settlements being delayed.