Solving payments ops headaches with DataSeers
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What
DataSeers is a Georgia- and India-based payments operations SaaS company. Founded in 2017, the company offers six solutions that cover the payments lifecycle, including onboarding, KYC, fraud detection, and other concerns. The company has been self-funded since its founding.
Why
Adwait Joshi, DataSeers’s Founder & CEO, started the company after years working in consulting, and realizing that he could best scale his solutions through software. “Everything I was doing as a consultant I’m now trying to do as a software,” he said. Just as his work is more impactful through software, so can operations teams grow their impact through AI-powered operations solutions, Joshi said. With automation on the rise, these solutions further ensure 24/7 monitoring the way human teams cannot.
Joshi also sees DataSeers as an equalizing force. While larger banks can build out automated compliance solutions in-house, medium-sized banks and fintechs struggle to do the same. “The medium-sized banks are always going to be looking for that cutting edge and competitive advantage,” Joshi noted. With the Office of the Comptroller of the Currency (OCC) declaring that it will increase its scrutiny of small banks this year, these financial institutions have further incentive to sign up for automated compliance and payments operations solutions.
How
DataSeers has built out its product pipeline in line with upcoming regulatory demands. For example, it recently launched a complaints management solution to manage consumer complaints, given the requirement to respond within 30 days. Similarly, the launch of FedNow may present new operational challenges, as fraud and other legal issues may appear more quickly than they did previously.
The company looks to provide the operational solutions that medium-sized banks need, with the understanding that fintechs will follow in banks’ footsteps. “If a bank can trust our solution for compliance—and they’re under much more regulatory pressure than fintechs—then fintechs can trust our solution, too,” Joshi said. “So the key is focusing on the banks.”
With elections in 2024, especially if Democrats lose control of the White House, DataSeers anticipates a new wave of regulations, notably from the CFPB. It may shift its product pipelines to meet sudden compliance-related demands, but is building out more robust compliance and operations solutions in the meantime.
