Why Fortiate?

By Amit Godbole

They say, what is in a name? But, we believe it carves the identity of a brand. Thus giving an insight into the values with which a business operates. Now, you might wonder why Fortiate? The idea behind it takes shape through our vision as a company.

We wanted to build a platform for financial institutions to help them solve problems that can get predicted earlier. For example, one can forecast if the customer would default on payment, if there is a fraudulent transaction, and if the customer has a propensity to take a card-based EMI offer, etc. But what does it have to do with the name Fortiate, you wonder?

Like the number 48, the name of the startup gets pronounced similarly. As is the case with a financial transaction, several data elements carry information about it, and 48 is one of those data elements – also known by domain people as – DE48. The intriguing aspect is that it holds confidential and private information. The reason to choose this data element lies in our envision to extract hidden insights from the transaction data and turn it into actionable intelligence for financial institutions.

Let us dive deeper into what the name Fortiate represents and how it caters to the financial institution’s needs. As mentioned earlier, the predictive nature of specific problems requires knowledge and an in-depth understanding of transactional data. It also needs acquaintance with data science capabilities to create machine learning models, which we can deliver as a service to several financial institutions. Our primary intention is to develop a platform that generates machine learning models on a SaaS basis for clients. Our platform becomes the direct framework on which these models get generated and which different institutions can subscribe.

In a nutshell, this platform will make it easy for various financial institutions to build their machine learning models as it remains equipped and encoded with data and domain expertise. Therefore, the financial institutions and their business teams can shift from data or software modeling to business modeling.

As a whole, the name Fortiate is a symbolic word representing untapped information (which usually gets lost in a transaction), if uncovered, can help financial institutions solve many of their business-related issues. Moreover, our patented transaction encoding standard differentiates us from other products or solutions in the software arena. The proprietary encoding allows us to process transaction data fast and securely.

Conclusively, the encoding standard fortifies the transaction data, which the consumers, merchants, users, or custodians cannot make sense of in the end. Essentially, the ‘Forti’ from Fortiate represents this security aspect, which fortifies the transaction data, and how our startup gets its name.