SmartStream Technologies is incorporating artificial intelligence (AI) into its existing managed service offering, which covers reconciliations, corporate actions, cash management and reference data.
The company has worked alongside its clients to introduce AI into their managed services offering to reduce operating costs and pricing as well as improve operational efficiency and reporting.
The new AI service increases the quality of managed services with new monitoring tools. It will trace incoming messages for service-level agreements (SLAs), ensuring that data is delivered correctly.
The service also provides a proactive approach to monitoring, and if the quality of the data is poor, it is then escalated, thereby lowering the number of exceptions feeding regulatory reporting. An example of this is the Financial Conduct Authority’s Client Assets Sourcebook reporting and Risk Weighted Asset Calculations.
Overall, the service improves accuracy of operational risk and controls reporting within an organisation. Nick Smith, senior vice president of Managed Services at SmartStream Technologies believes that “it’s a very exciting time for (their) clients.”
“The new AI function is taking the stress out of data reporting, a significant improvement to back office efficiency, while helping to lower costs. In addition, it enables the bank to maintain a control team to monitor performance and results on a daily basis,” Smith stated.
Re-disseminated by The Asian Banker