SmartStream launches AI platform for managing complex data

SmartStream Technologies announced the launch of the TLM Aurora Universal Data Control service, which matches any reconciliations data, from basic to complex matching by using AI, machine learning and cloud-native technology.

Banks are under pressure to carry out changes to their core systems due to ISO 20022 standards and the impact Covid-19 has had with staff working from home. Financial institutions have realized over the years that data sets and the types of reconciliations have become more complex, partly due to open banking APIs and the increase in volumes. SmartStream, led by its clients, has completely re-engineered TLM Aurora Universal Data Control with a comprehensive solution to accommodate industry demands and the challenges faced by financial institutions.

Roland Brandli, strategic product manager at SmartStream Technologies, said in a statement: “The discussions we are having with banks right now revolve around ISO 20022 which is the biggest driver – where financial institutions are having to upgrade legacy systems for data remediation and improved channel and back-office processing…[The service] is based on open architecture and adaptable to all banking requirements, without the need to reengineer any operational processes”.

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