SmartStream deploys AI tech for exceptions management and ISO 20022

SmartStream Technologies announced the launch of TLM Aurora Advanced Account Control, to help clients be ready for ISO 20022 standards. It’s a new AI-enabled solution will allow customers to manage large, verified data sets, not only for reconciliation purposes, but for downstream systems.

Built for ISO 20022 standards, TLM Aurora Advanced Account Control not only accepts larger data sets natively, it also underpins it with the introduction of a streaming platform allowing for the data to be verified for other areas of the organization. This sets a new benchmark in terms of real-time and volume handling capabilities, as well as savings in the overall cost-of-ownership.

Roland Brandli, strategic product manager at SmartStream, said in a statement: “When speaking to clients two things are key – reduction of operational risk and to lower cost. With our new solution there is huge potential in achieving both these objectives. In addition, there is a big opportunity here for unlocking data, not previously available – and we are the only vendor to offer this service. The new solution will seamlessly replace SmartStream’s Cash solution which is currently used in more than 81 countries globally. So far, the response has been incredibly positive amongst new and existing clients”.

There was a sustainability focus taken into consideration by optimizing hardware and energy usage using private and public clouds. Also, it allows customers to seamlessly move to the latest technologies without losing any data or configurations in their existing Cash solution and represents the evolution of account reconciliation – by enabling organizations to reconcile any type of cash account, ranging from Nostro, internal, suspense, branch, or GL accounts.

In a separate announcement, SmartStream announced the launch of SmartStream Air version 7 to further control exceptions management using advanced cloud-native AI technology. This is a first in the industry, with AI exceptions management processes learning from user behaviors; it is designed to help reconcilers to focus on other tasks, which in turn helps businesses reduce costs when managing their reconciliations.

SmartStream Air’s AI for exceptions management will populate fields automatically, set labels, and run automations – all based on the processes it has learned. In addition, it will be able to provide suggestions to the user or fully automate the process – significantly improving straight-through processing (STP) rates.

Currently exception management is controlled by the users or user defined automation rules. In contrast, the new version learns from a user’s day-to-day actions when managing exceptions and proposes how the exception attributes should be populated. It will help with the cumbersome and work-heavy exceptions management process by learning directly from user actions or historic data – and when the model is trained, the AI can predict fields and workflows for managing exceptions.

Jethro MacDonald, product manager for Artificial Intelligence and Machine Learning at SmartStream, said in a statement: “Our new SmartStream Air version 7 will massively reduce the time spent working on managing exceptions that arise from unmatched data, or data integrity issues. AI technology will automatically classify the priority, assign to relevant teams, add labels including statuses, and populate exception detail fields, allowing reconcilers to manage their work more effectively. We feel this is what the market has been waiting for and we are proud to be the first to deliver such capabilities”.

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