SmartStream Technologies, a financial Transaction Lifecycle Management (TLM®) solutions provider, has launched 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 its managed services offering with the aim of reducing operating costs and pricing, as well as improving operational efficiency and reporting.
The new AI service adds new monitoring tools and will trace incoming messages for SLA’s – 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. This all combined improves accuracy of operational risk and controls reporting within an organisation.
Nick Smith, SVP Managed Services, SmartStream, says: “It’s a very exciting time for our clients, the new AI function is taking the stress out of data reporting, a significant improvement to back office efficiency, whilst helping to lower costs. In addition, it enables the bank to maintain a control team to monitor performance and results on a daily basis”.
