Thursday, 25 April 2024
SmartStream’s new AI module uses machine learning for digital payments processing
SmartStream Technologies has launched a new artificial intelligence (AI) module that uses machine learning for continuous digital payments processing.
A typical project of maintaining and improving matching rules would usually take up to two days. Through the new module, it can now be achieved with a simple tick. The new AI module will enable match rates to be instantly updated. At the same time, the system reconfigurations will be done automatically, helping to reduce operational costs and minimise risk.
The technology will also help financial firms to keep maintenance costs down, as well as lessen business users’ reliance on busy information technology (IT) departments. In addition, it 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
“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,” Roland Brandli, product manager of SmartStream Technologies, said.
He added that “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 AI module is designed to work with SmartStream’s Transaction Lifecycle Management (TLM) Aurora Digital Payments Control solution. The module is easy to deploy and provides a speedy and convenient boost to efficiency for managing reconciliations daily.
Re-disseminated by The Asian Banker
