Jon Stojan
Image credit: Arun Dobriyal
When it comes to over-achievers, Arun Dobriyal stands as a true example. Leading the charge as the Head of Engineering at Vartana, where he is transforming the future of commerce and financing, he has prior experience in the payments and commerce space working at tech giants like Meta and Snapchat. At Vartana, he is now spearheading efforts to revolutionize how small and medium businesses handle transactions with each other. This industry has mostly lived in the dark ages, and a much-needed technological revolution is needed to bring efficiencies in this domain. These transactions traditionally have been sluggish to execute. Arun and his team are swiftly transforming them into fast, real-time B2B payments, thereby ushering in a new era of efficiency and effectiveness.
Arun champions the transformative potential of AI to revolutionize fintech through groundbreaking innovations. “Overall, AI’s ability to sift through massive amounts of information, learn valuable insights from previously seen events, and adapt to complex use cases empowers businesses to innovate, optimize processes, and deliver value to customers, ultimately revolutionizing our lives in diverse ways,” Arun says. He is exploring AI’s potential to predict and fulfill business needs before the business is even aware that a need exists. This could personalize the B2B shopping experience in unprecedented ways. Beyond simply facilitating transactions, AI integration in B2B payments entails a deep understanding of consumer behavior, forecasting trends, and effectively managing financial risks, paving the way for a more seamless and insightful commerce landscape.
Looking ahead, Arun’s plans include disrupting the financing industry by building embeddable B2B payment experiences that are personalized, fast to use, and equipped with AI to drive efficiency. Arun’s ultimate goal is to create a blueprint for ease of use and integration that others in the fintech space can follow. He believes that all of this becomes even more compelling with the increasing adoption of FedNow, a real-time payment solution developed by the Federal Reserve for depository institutions in the US, which is rapidly gaining popularity.
Arun believes that the adoption of FedNow will further amplify the impact of the B2B financing solutions he envisions, ushering in a new era of commerce characterized by unprecedented speed and efficiency. These solutions, built atop FedNow, are poised to revolutionize B2B commerce, offering unparalleled benefits and reshaping the landscape of business transactions.
“Integrating AI on top of real-time payments is going to be a real game changer and will empower businesses to operate with unprecedented efficiency. This integration will not only streamline existing processes but also spur the creation of a whole new genre of innovative fintech solutions,” he states. However, the pace of innovation hinges on the widespread adoption of real-time payment systems. If adoption remains sluggish, the development of subsequent innovations will inevitably be delayed. “Therefore, accelerating the adoption of real-time payment systems is crucial to unlocking the full potential of future fintech advancements. By embracing these technologies proactively, businesses can stay ahead of the curve and capitalize on the opportunities presented by the rapidly changing financial landscape.”
While there is a lot to feel optimistic about in the future, Arun has a cautionary note regarding the United States lag in adopting real-time transactions. “Developing nations like India and China,” he points out, “have surged ahead in embracing this transformative technology, leaving the US at a significant disadvantage.” In these countries, a simple scan of a code facilitates everything from buying airline tickets to settling grocery bills with local vendors. Their proactive approach has propelled them to the forefront in terms of the total number of digital real-time transactions, resulting in robust economies, widespread benefits for citizens, and vibrant local commerce.
For instance, in India alone, data from the NPCI reveals a staggering 12.20 billion UPI transactions, totaling $222.17 billion in January 2024—a remarkable 41.72% increase compared to January 2023. He further highlights a concerning trend in the United States, where a recent survey indicates that two-thirds of banks haven’t enrolled in the RTP network or FedNow Service, despite around 63% of corporate bankers reporting significant client demand for instant payments.
Arun emphasizes, “The US has to take decisive action in embracing and innovating on digital real-time transaction technologies, or they risk falling behind. We need greater agility and Silicon Valley-style disruption to the status quo to ensure the US remains competitive in this critical arena.”
Arun’s transformation from a determined engineer to a leading figure in the fintech arena is a testament to his perseverance, foresight, and commitment to innovation. As Arun himself articulates, the objective is unmistakable: “To continually elevate the functionality of commerce and payments, ensuring they evolve to become faster, smarter, and more inclusive than ever before.”
As the payment landscape expands, so does Arun Dobriyal’s influence as a trailblazer and visionary. Fueled by his relentless pursuit of excellence, Arun is dedicated to ensuring that every “pay” click is not just seamless and secure but precisely tailored to the individual’s needs. Far from a passive observer, Arun is actively driving the evolution of the fintech realm, ushering in a new era defined by real-time transactions and AI-powered solutions.