Optimize your cloud and take your business to next level with Anodot’s AI-powered solutions

Anodot was founded in 2014 by a team with deep experience in AI and DevOps with the goal of taking a completely new approach to analytics and business monitoring. Monitoring autonomously and in real-time was a much needed solution for data driven companies that struggle to monitor metrics at scale. In 2021, Anodot acquired Pileus, merging its ML-based technology with cutting-edge cloud cost management to offer a new kind of cloud cost management experience that helps companies quickly and easily identify and act on cloud cost savings opportunities. Anodot enables organizations to leverage the transformational power of AI to optimize their business. Anodot’s AI-driven, autonomous business monitoring solution identifies revenue-critical business incidents in real time. Anodot’s cloud cost management solution helps companies manage and optimize their cloud cost and resource utilization across AWS, GCP, Azure and Kubernetes. The total transaction value of digital payments is projected to exceed $1.7 billion by the end of 2022. Each one of these transactions generates masses of data that contains critical insights for merchants, payment service providers, acquirers, fintechs, and other stakeholders in the payments ecosystem.

Having real-time access to these insights has the power to drive growth through customer and market understanding. It also has the power to protect against tremendous revenue loss by mitigating the risk of payment issues and fraud.

The payments data mandate

 Real-time payment monitoring and detection of transaction incidents is one of payment data’s most important mandates. Whether there’s an increase in payment failures, a drop in approval rates, or other issues — operations, payments, and risk managers must be able to see what went wrong, where, and why. This is the only way they can accelerate root cause analysis and quickly triage and resolve payment incidents. But gaining complete visibility into the payments ecosystem in real time in order to detect anomalies immediately is a great challenge, though one that no organization can afford to ignore. 

Time could not be more of the essence. Consider what happens if there is a glitch in an API to a backend payment system that is crucial for approvals. If transactions can’t access the relevant API, the payment acceptance rate will plummet and revenue will be lost during the unexpected downtime. So, while organizations are collecting large volumes of data every day, if the data can’t be used to protect the organization against payment incidents and potential loss, the value of the data will never be realized and losses will continue to impact business health. 

Challenges of optimizing payments data

 The bridge between collecting payment data and using it effectively is full of obstacles, which primarily fall into three categories – access, process and infrastructure, and complexity.

Access to user data

• User onboarding: Aggregating user data is complicated by the fact that assuring a good user onboarding and registration experience typically requires asking as few questions as possible (to avoid abandonment due to complicated and time-consuming processes).
• Owning the relationship: Most payments stakeholders don’t necessarily own the end user relationship. This means they don’t have access to the relevant user data, making it all the more difficult to detect which user activities are anomalous.
• Tokenization: Access to user data is also hindered when using external tokenization, which keeps most of the user and card information with the tokenizer rather than with the merchant or payments service provider.
• Data privacy: Detecting anomalous behaviors requires aggregating data about user behavior. However, data privacy regulations and regulators limit the usage of personal user information.
• Equal access: Even when the right user data is being collected by the organization, not all departments have equal access to it, nor is it shared sufficiently and frequently enough by those who do have access. 

Anodot for payment intelligence

 Anodot for payment monitoring and real-time incident detection overcomes the challenges to payment operations, incident detection and remediation. Anodot’s AI-powered solution autonomously monitors the volume and value of payment data, including transaction counts, payment amounts, fees, and much more. The solution delivers immediate alerts when there are payment approval failures, transaction incidents and merchant issues. Anodot’s patented correlation technology helps to identify the root cause of issues for accelerating time to remediation.

Payment monitoring challenges

Smooth payment operations are critical for every merchant’s success. At its most basic level, a seamless and reliable payment process is the key to assuring transaction completion, which is at the very core of a merchant’s financial strength. However, when payment data systems fail to deliver insights about issues regarding approvals, checkouts, fees or fraud, the result is revenue loss and sometimes customer churn. While there are technology solutions that can process millions of transactions daily, there are many challenges to effective payment monitoring, leaving timely identification and speedy resolutions too often out of reach. Today’s payments landscape is comprised of many different systems, technologies, methods, and players. There are credit and debit cards, prepaid cards, digital wallets, virtual accounts, mobile wallets and mobile banking, and more.

Anodot brings an AI-powered solution for autonomously monitoring the volume and value of a merchant’s payment data, including transaction counts, payment amounts, fees, and more. The solution detects payment incidents 80% faster and profoundly accelerates resolutions, sending immediate alerts when there are transaction or merchant issues, and payment or approval failures. Notifications are seamlessly integrated into existing workflows, with only the most important issues being surfaced to prevent time being wasted on false positives, and profoundly reducing alert noise by 90%. Anodot’s patented correlation technology helps to identify the root cause of issues with 50% faster root cause analysis.

David Drai, Co-Founder and CEO

“Anodot monitors 100% of your business data in real time, so you can proactively resolve revenue, cost, and customer experience issues before they impact your business.”