One of the most pressing issues facing companies in the payments industry is how they handle their data. Since financial transactions and services generate large amounts of data, financial institutions need to have a robust system in place to effectively process, analyze, and store the information. Security is paramount, as the data is highly sensitive, and hackers are constantly trying their utmost to access it. And due to how valuable and sensitive the data is, companies must comply with a myriad of government regulations dictating acceptable practices. It’s essential that companies understand where their data comes from and how to maintain it properly. To learn more about the importance of data governance, data management, and what solutions exist to help companies navigate the problems associated with data handling, PaymentsJournal sat down with Adwat Joshi, founder and CEO of DataSeers, and Tim Sloane, VP of Payments Innovation at Mercator Advisory Group. PaymentsJournalPaymentsJournalPaymentsJournaljQuery(document).ready(function ($){var settings_ap25027690 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"25027690",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_83678_2",settings_ap25027690); }catch(err){ console.warn("cannot init player", err); } }); During the conversation, Joshi and Sloane discussed DataSeers’ five step approach to data governance, data management, data security, and what data quality means. They also covered encryption, and the intersection of encryption with authentication and authorization. DataSeers’ approach to data governance Data governance is a major question facing the payments industry. Regulators are increasingly scrutinizing how companies are governing their data and whether they are doing so correctly. Even without the scrutiny of regulators, solid data governance is vital for companies to be successful. This is because bad data makes it challenging for companies to use it effectively. “If I don’t have what I need, and it’s not in a good format—it’s not right—then how can I ever do anything with it?” explained Joshi. One element of DataSeers’ approach is data profiling, which entails reviewing the various data types to determine whether the data consists of numbers, text, or a mix of the two. “It gives you a clear understanding of who is sending what,” said Joshi, allowing companies to request that the data get cleaned before being accepted by that company. Data Governance DataSeers’ solution also enables authentication, authorization, and auditing. “We want to make sure that we authenticated anybody who is trying to access the data,” said Joshi. Authorization means that only people with proper permission to view data are allowed to do so.