Frequently Asked Questions

Merchant identification is the process of finding out the name of the business where a transaction took place. Every business has a unique merchant identification number, from ‘Sainsburys’ to ‘Primark’ or even ‘Jennings Bet’. 

At Moneyhub, we convert the merchant identification number to the merchant name, known as merchant detection. This information is then attached to other transaction data like payment amount and time of purchase in the banking apps that we service for ease of recognition and further analysis.  

Not all categorisation and enrichment providers arrive at their merchant identifier in the same way, which means that the outcome of a brand name isn’t guaranteed. When providers can’t identify exact merchant names, it’s more difficult for customers to recognise transactions, and for financial institutions to perform further analysis.

Wait… so a merchant identification number isn’t the same as merchant identification?

The short answer: no, they’re different. 

The longer explanation: a raw 15-digit string of numbers is the merchant ID number. Some banks and lenders will find this data sufficient and include it in its raw form in transaction descriptions, confusing end users and making it harder for employees to analyse. Unfortunately there’s no universal merchant identification number lookup service to bypass this obscure output, either.

However, most categorisation and enrichment systems transform this merchant number into the merchant’s trading name after a customer payment. This process of determining the merchant name from the numbers is the merchant identification (or detection) process.

Financial institutions use agentic AI to automate complex workflows like autonomous fraud response, where agents don't just flag a transaction but independently freeze the account, notify the customer, and initiate a recovery ticket.

ChatGPT is primarily a generative AI, but it exhibits agentic properties when it uses features like Advanced Data Analysis or specialised GPTs to browse the web and run code. As the platform evolves with reasoning models and tool-use capabilities, it is moving further away from simple chat and closer to a fully agentic system.

Traditional AI typically responds to specific prompts or follows fixed rules to generate content, whereas agentic AI can independently plan, use tools, and execute multi-step tasks to achieve a high-level goal. While standard AI acts as a digital assistant waiting for instructions, agentic AI functions more like a digital employee capable of self-correction and reasoning.

The six types of nudges are: attention, perception, memory, effort, intrinsic motivation and extrinsic motivation. Framing nudges around one of these distinctive cognitive mechanisms has shown to influence behaviour.

A nudge strategy is a behavioral science approach that subtly alters the environment to influence people’s decisions without forbidding any options or significantly changing economic incentives. In finance, this strategy is used to guide customers toward better habits, like increasing savings or paying off high-interest debt, by leveraging cognitive biases.

Effective financial nudges should be timely, easy to act upon, and ethically transparent to ensure they benefit the consumer's long-term health. These rules often focus on simplifying complex choices, such as auto-enrolling employees into pension schemes while maintaining their right to opt out.

Moneyhub has a number of programs to help build a sense of community at work, including:

• Weekly check-ins: a chance to highlight the positives and voice any concerns
• Guild hub: find like-minded people to discuss your passions with, we currently have guilds dedicated to AI, Diversity and Inclusion, public speaking and technical languages
• A transparent and collaborative culture: every voice matters, and everyone at Moneyhub contributes to a supportive working environment

Moneyhub is an international organisation; however, at the moment our recruitment is focused on the UK.

When we have stated the role is permanent on the job advert, we are not looking for contractors. However, on some occasions, we specifically engage contractors, often for short-term projects or to fill skills gaps. This will be noted on the job advert.

The process starts with a screening call, in which candidates can learn more about Moneyhub and our core values. 

In some roles we may provide you with an appropriate short challenge, where candidates are offered a chance to display their skills. 

The number of subsequent interview(s) are role-dependent, and will give candidates an opportunity to speak with at least three separate internal stakeholders to gather a strong sense of what it’s like to work at Moneyhub.

We offer standalone solutions that require no technical resource, as well as no-code and low-code integrations if you would prefer an embedded solution. For any clients with more technical resources or a desire to maintain autonomy over the solution, we offer a suite of APIs giving you full control over any aspect of the product. Your team may want to optimise the models before go live or wait for the initial results and optimise from there. Whatever the approach, we will work with you to ensure a successful project.