Database Considerations for Payment Authorization

🎥 Dec 21, 2022 📺 Yugabyte ⏱ 1m 👁 97 views

Full interview and excerpt: https://www.yugabyte.com/blog/distributed-database-fintech-innovation/ Guy Chiarello, Chief Operating ...

Watch on YouTube

About Guy Chiarello

Guy Chiarello, Chief Administrative Officer at Fiserv, has spoken about the company's focus on digital innovation and the operational demands of payment processing. He stated that Fiserv processes 12,000 transactions per second and described the need to render gigabytes of information about a purchasing decision in under 100 milliseconds with high accuracy. Chiarello said that "digital is the new normal" and that small banks with the right digital solutions can compete with larger institutions. He also expressed a bullish view on artificial intelligence, stating that combined with machine learning and transaction data, it is "critically important to predict outcomes and create differentiated services." Chiarello has also commented on the company's history, noting that First Data was "losing a couple billion dollars a year" before a turnaround effort that included raising $3.5 billion in 40 days and taking the company public in 2015. He described the company as being on a track to "recovery and transforming itself." In a separate appearance, Chiarello visited the Akshardham temple in New Jersey, calling it "the eighth wonder of the world" and saying it was "one of the best afternoons of my life."

Source: AI-verified profile updated from Guy Chiarello's recent appearances. Browse all interviews →

Transcript (1 segments)

Guy Chiarello0:00

Because we've seen fraud go off the chart again because as you get into these more digital type purchasing patterns, knowing who the person is behind it even if it's not a person is critically important. So how do you either stop fraud or increase authorization optimization? Those are the things we have to do. We have to render probably, maybe not terabytes, but we certainly have to render gigabytes of information about a person making a purchasing decision in less than 100 milliseconds and be perfect every time. Because if we decline it and it's wrong, the client doesn't like us, and if we approve it and it's wrong, the client doesn't like us because there's fraud that goes with it. So we get paid to actually be perfect: no false positives, all good transactions. The closer we get to 100% accuracy is key. Honestly, how am I going to do that without you? Goodbye. How am I going to do that? How am I going to do that? Yeah, I could if I built my own database. I'd love to do it again; I did it once or twice already. That's not the answer. I'd rather really smart people like you do that instead of me.