The future of digital payments is the New Frontier; the financial world’s Wild, Wild, West. What lies beyond is exciting, new, and adventurous, but the underlying truth is the fear that comes with The Unknown.
The industry is growing. Every year sees new and disruptive innovation. Payments and the means from which they originate get faster; the transactions themselves get easier. But what happens on the backend has banks and payment companies scrambling to keep up. Bytes of data are created by the quintillions each and every day and the sheer volume alone is becoming overwhelming. Data formats, speeds, and varying levels of accuracy continue to add to the toxic complexity that defines the payments space. Data service vendors seem to be a dime a dozen now, offering solutions to one data problem or the next. Compliance issues? There’s a provider for that. Fraud? There’s someone for that, too. But with so many companies supplying services to cover your different individual needs, how do you ensure quality and homogeneity throughout your data? After all, poor data input begets a poor data output.
DataSeers, an Atlanta-based fintech focused solely on the banking and payments industry, is redefining how you see your data. Thanks to a valuable partnership with one of America’s most trusted database corporations, LexisNexis Risk Solutions, DataSeers has been able to offer exemplary data services, including but not limited to: data augmentation, trusted KYC/KYB checks and onboarding, and thorough sanctions monitoring. In fact, DataSeers has gone so far as to bring all four back-office services of reconciliation, compliance, fraud, and analytics under one highly functioning data software appliance. DataSeers allows you to streamline and monitor your payments from end to end. The aforementioned product, known as FinanSeer, undertakes a process referred to as CHILAD, in which payments data is cleaned, homogenized, ingested, labeled, augmented, and then distributed to the system’s four ‘Seers’: ReconSeer, ComplianSeer, FraudSeer, and StrataSeer.
These Seer engines use machine learning and AI to complete the assigned processes with an unprecedentedly high degree of accuracy while simultaneously learning and self-improving. The ReconSeer engine leads the charge with a complete 3-way reconciliation of cards and accounts. This rule-based Seer operates at speeds that put DataSeers’ competitors to shame. With ReconSeer, millions of records can be settled with ease in just a matter of seconds. The highly customizable ComplianSeer uses both rule-based and behavior-based monitoring to oversee all aspects of compliance, such as BSA/AML. This Seer monitors data anomalies for potential UDAAP violations, HIFCA, HIDTA, OFAC/PEP sanctions and more. Financial Institutions can even use FinanSeer’s compliance engine to submit FinCEN 314a and 314b reports.
Digital payments, whether they initiate via wallet, card or online, are wrought with the potential for fraud. Criminals are smart and as technology advances, so do their tools. FinanSeer’s FraudSeer engine is prepped and ready to play defense. The Seer’s machine learning aspects even provide the opportunity for FI’s and payment companies to go beyond the defensive and become their own best offense by identifying and flagging behaviors reminiscent of fraudulent preparation. Imagine, potentially spotting financial fraud before it can affect the bottom line!
At the final step, all the analyzed data is collected and displayed within the StrataSeer – FinanSeer’s analytics engine – before being made available on the user-friendly SeerPortal. This central repository provides DataSeers’ customers with complete control of their case, cluster, user, and rule management, not to mention unobstructed access to Seer reports and dashboard visualizations.
FinanSeer is making waves within the industry as the first third-party provider of not one, not two, not three, but all four of the most vital payments data services in one platform. Gone are the days of multiple vendor utilization and uncertain data outcomes. A one-stop-shop is now available, and thus is able to ensure a quality data output. A payment company’s data – when properly harnessed – is its greatest and most valuable asset. That complex mess of data truly is manageable with the right solution, and FinanSeer is ‘Taming the Data Demon’.
Now is an exciting time for DataSeers as they have just announced the newest, completely enhanced 2.0 version of FinanSeer. The improved platform is now 10x faster than its predecessor, supports multitenancy, and has a brand-new UI. In addition, the upgraded FinanSeer has full integrations with LexisNexis Risk Solutions and will support more security and encryption options. This new DataSeers’ product offers a full real-time interface that will allow for even more precise results.
“This is our second-generation release and we are very excited about it. It’s not only fast but has improved algorithms that have learned from billions of transactions. New UI, new integrations, and a full real-time interface make it a unique product for the market.”, explains Adwait Joshi, founder, and CEO of DataSeers.
Clients of DataSeers are singing its praises. While results can vary, one particular client reports a 75% reduction in the time required to onboard new clients and an increase in prepaid business by nearly 100% since implementing FinanSeer. In addition to funds saved on fraud and compliance violation prevention, clients are greatly improving employee efficiency – often reporting a 10-fold increase in the number of accounts able to be handled by individual employees. Jeff Lewis, VP of Prepaid Services at Sutton Bank in Ohio, states, “Previously, to manage our customer base, we estimated one employee for 500,000 end-user accounts. With FinanSeer, that statistic has improved to five million accounts per employee. Our response time to solving problems flagged by the FinanSeer platform is now so fast we’re now spotting and fixing problems with incoming transactions before our customers do. That wasn’t possible before we started using the FinanSeer appliance, and it’s a key competitive differentiator for us.”
DataSeers simplifies its clients’ lives by giving them back control of their most unruly resources. Lower your stress, increase your efficiency, save your money and see through your data…with DataSeers.