SmartStream Technologies, a financial Transaction Lifecycle Management solutions provider, has launched a new AI module that uses machine learning for continuous digital payments processing.
AmartStream says a typical project to maintain and improve the matching rules which would take up to two days, can now be achieved with a simple tick.
The new module will enable match rates to be instantly updated, whilst at the same time system reconfigurations will be done automatically – helping to reduce operational costs and minimise risk. It will help financial firms to keep maintenance costs down, as well as lessening business users’ reliance on busy IT departments. The technology acts, in effect, as a scheme of continuous improvement, operating in the background, even as the data flowing into the reconciliations system changes. It also takes away the need for firms to carry out time-consuming and expensive projects to redesign their technical architecture.
Roland Brandli, Product Manager, SmartStream, says: “Imagine having a virtual operations team that never sleeps, constantly comparing and fixing. Having a sophisticated reconciliations solution working perfectly entails effort, cost and access to skilled IT staff. Sometimes, it can be tempting to let maintenance issues slide and not keeping a constant eye on such matters can be risky. If matching rules are not reviewed and reconfigured regularly, matching rates are likely to decrease. Investigating these can involve hiring extra operations staff and impose added expense”.
The new module is designed to work with SmartStream’s TLM Aurora Digital Payments Control solution. The module is easy to deploy, providing a speedy and convenient boost to efficiency for managing reconciliations daily.