Karza Technologies plans solutions for emerging sectors

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Plans ways to increase offerings for the payments industry and the opportunity to serve neobanks and cryptocurrency industries in the future

Hyderabad: Karza Technologies, a data enrichment and fraud analysis company, sees opportunities to respond to emerging industries such as neobanks (digital banks) and cryptocurrency in the future.

In addition to targeting banks and NBFCs, the company caters to the payments industry for digital merchant integration and risk assessments, serving the full range of UPI payment platforms, from online payment gateways and offline point of sale (POS) terminals.

The company strives to put in place early warning signaling systems with robust alerts that allow financial institutions to take concrete action. With increased internet and mobile usage, Karza believes that identifying top-level fraud will become important in the years to come. The company’s future solutions will also aim to identify the source and groups of false / fraud payment requests and transactions.

Speaking about future opportunities, Omkar Shirhatti, Co-Founder and CEO of Karza Technologies, said Telangana today, “Neobanks, which are in their infancy, are gradually evolving in India, and they have not yet reached their maturity where we can have the best of financial instruments under one roof. From now on, neobanks act as agents to provide savings and checking accounts to banks, and better user interface for customers / businesses in addition to their banking facilities. Some neobanks have progressed and reached a stage where they offer a wider set of products. We see an opportunity to meet their needs in the future.

When it comes to the payments industry, the company works with Paytm and Google Pay for QR code validation and merchant filtering. He also works with the fintech company Khatabook. On the digital payments side, the company is working with platforms such as Razorpay and PayU for their online payment gateways to screen merchants. In point-of-sale terminals, the company is working with Visa to create an end-to-end digital method for the integration and risk assessment of merchant companies.

Crypto tracking

On the cryptocurrency front, he said, “We started working with some of the crypto platforms that were proactive enough to join us in 2018 to create a KYC (know your customer) layer to to ensure the basic checks that a bank would typically perform. do. Crypto is largely borderless, and it is difficult to determine who the parties to the transaction are. It is difficult to keep track of how money is channeled, paid or transmitted, and anonymity remains a major challenge. “

He further added, “There must be a pan-global framework / forum to deal with cryptocurrency and monitor transactions. There is certainly a need to find a solution and an opportunity exists in this space. “

Process automation

The 210-member society includes software engineers, data engineers and scientists, making up 70 percent of its workforce. The team allows scalability in terms of offers. “As soon as a red flag is raised, automated processes ensure faster intermediation. The goal is to make sure that the systems are as automated as possible. From the level of 20,000 transactions per month, when we started our operations, we are currently processing 1.5 million transactions per month. We made sure that the manual intervention was at its lowest, ”says Shirhatti.

In addition to India, the company is considering expansion opportunities in markets such as Indonesia, the Philippines and Brazil after a 6 to 12 month lead time. These are the countries that are at the same stage as India today, he noted.

Read also: Karza Technologies helps banks fight against financial fraud


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