SmartStream Technologies announced the launch of artificial intelligence (AI) into its existing managed service offering, which covers reconciliations, corporate actions, cash management and reference data. SmartStream has worked alongside its clients to introduce AI into their managed services offering, which is expected to reduce operating costs and pricing, as well as improving operational efficiency and reporting.
The new AI service increases the quality of managed services with new monitoring tools, it will trace incoming messages for SLA’s (service level agreements) – ensuring data is delivered correctly. It provides a proactive approach to monitoring, if the quality of the data is poor it is escalated, thereby lowering the number of exceptions feeding regulatory reporting, for example, such as the FCA’s CASS reporting and Risk Weighted Asset Calculations.
In a separate statement, SmartStream also announced the launch of “Air”, described as an approach for reconciliations that allows business users to reconcile complex sets of data in seconds. The solution is immediately accessible and uses transformative artificial intelligence (AI) algorithms to auto-configure reconciliations of any data structure – unlike other solutions on the market today, which only understand certain domains, coupled with long implementation times.
SmartStream Air provides true AI – it has been proven in a number of tier one banks, it has been tested with a number of customers, who are now implementing the solution. It eliminates a great deal of time and effort, as well as making business users far less reliant on support from teams of operations and IT staff.
Andreas Burner, CIO of SmartStream’s Innovation Lab, said in a statement: “The new cloud product is securely and globally accessible – no installation or configuration is required. SmartStream Air and its incorporated artificial intelligence technology is completely automating transaction control processes and scales our client’s productivity significantly”.