Ability to access transactional data via the Snowflake Data Cloud will enable near-real-time data intelligence
Fiserv, , a leading global provider of payments and financial services technology solutions, announced a new capability designed to optimize how large enterprises using its Carat operating system are able to access, analyze, and utilize their payments data. With a new data-as-a-service (DaaS) capability that enables synching of data through the Snowflake Data Cloud, Carat clients have near-real-time access to their enterprise-wide transaction data, critical intelligence that can help businesses make informed decisions to reduce risk, optimize commerce, and enhance customer experiences.
“We continue to strengthen our commerce ecosystem with meaningful investments that enable our partners to operate with efficiency, earn client trust, and create better experiences for their customers”
The new DaaS capability allows businesses to sync reporting and analytics from Carat with the business’s existing data warehouse. Synching via the cloud removes the need for enterprises to build ETL (extract, transform, load) integrations, reducing operational costs and removing the need for manual intervention. Doing so allows a business to access transactional data with speed and accuracy, and empowers them with rich insights that will help strengthen commerce models.
“The introduction of Carat data-as-a-service capabilities will enable large enterprises to leverage Snowflake Secure Data Sharing and its collaboration capabilities to maximize the value they are able to extract from payment data,” said Rinesh Patel, Global Industry GTM Lead, Financial Services at Snowflake. “By enabling seamless and secure data transfer via the cloud, the Carat operating system modernizes how payment data flows to decision makers and can be used to guide business decisions.”
With ready-to-query data, a business can also enhance consumer experiences by integrating real-time payments data into the checkout process. This can enable the business to use data intelligence to strengthen loyalty and rewards programs, improve decisioning for embedded financial services, and augment fraud mitigation.
“We continue to strengthen our commerce ecosystem with meaningful investments that enable our partners to operate with efficiency, earn client trust, and create better experiences for their customers,” said Casey Klyszeiko, Head of Carat and Global eCommerce at Fiserv. “By leveraging data in real time across business functions, our partners are able to innovate at the speed expected in today’s rapidly changing commerce landscape.”
Fintech News Desk is a trained group of web journalists and reporters who collect news from all over the financial technology landscape. The financial services innovations include latest and advanced developments related to Digital banking, wallets, AI, ML, IT, Cloud Security, Privacy and Security, Cyber threat intelligence, Space, Big data and Analytics, Blockchain, and Crypto.
To connect, please write to Fintech market analyst at email@example.com.