DataVisor introduces fraud and risk solution for financial institutions

DataVisor launched a solution designed to both detect fraud and financial crimes more effectively and to uphold sponsor bank compliance in the face of evolving regulations for Banking-as-a-Service (BaaS) offerings.

As the fintech industry continues to rapidly evolve amidst a rising tide of fraud, sponsor banks not only grapple with the growing issues of increased fraud losses, but also face enormous challenges in maintaining and demonstrating compliance. DataVisor’s solution for sponsor banks replaces ad-hoc detection and compliance methods with comprehensive future-proof technology, including real-time data orchestration, secure multi-tenant infrastructure, and AI-driven analytics.

This new solution grants sponsor banks total control to monitor and manage BSA compliance and transaction fraud patterns while conducting a comprehensive customer risk assessment in partnership with fintechs. It ensures compliance, reduces the risk of regulatory penalties, and streamlines fraud and risk management through enhanced transparency, automation, and efficiency. The key features and benefits include:

Centralized intelligence: In the BaaS model, fintechs autonomously handle data collection and fraud management, posing a challenge for sponsor banks to orchestrate and report on fragmented data. DataVisor provides sponsor banks with a centralized and transparent view of all customers across different fintech partnerships, empowering strategy and operation teams to establish a holistic risk assessment to facilitate informed and effective decision-making in real-time.

Multi-tenancy capabilities: Sponsor banks face the challenge of establishing a secure, cost-effective data infrastructure that segregates sensitive information from multiple fintech partners while upholding the highest data security standards. DataVisor enables sponsor banks to securely store, analyze, and customize fraud and risk decisions with a cloud-based multi-tenancy architecture, ensuring safe and robust data management.

Automation and efficiency: DataVisor significantly improves efficiency for sponsor banks to manage multiple fintech partnerships with its no-code/low-code platform, simplifying the conversion of business insights into actionable strategies and decision workflows without IT dependency. The platform also employs cutting-edge machine learning and Generative AI to quickly deploy models, automate rule tuning, and streamline documentation and regulatory filing.

Real-time insights and reporting: Sponsor banks must prioritize real-time reporting and insights at each individual fintech level and at the aggregated portfolio level. DataVisor’s platform supports flexible reporting granularities and enables comprehensive and transparent views to support new regulatory compliance requirements.

DataVisor’s solution also extends its benefits to fintechs, offering robust reporting and alerting capabilities through built-in features. This proves especially advantageous for fintechs collaborating with multiple sponsor banks.

“At DataVisor, we focus on delivering robust solutions that enable financial institutions to effectively meet compliance standards and manage fraud risks proactively,” said Yinglian Xie, CEO. “Our tailored solutions for sponsor banks are designed to address the specific challenges with BaaS programs. The comprehensive nature of our AI-powered platform, together with our multi-tenancy architecture, real-time data orchestration and decisioning capabilities, ensures that DataVisor stands as a reliable solution for confronting current and emerging fraud threats and staying compliant in the industry.”

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