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Smartstream’s new module uses AI for digital payments processing

SmartStream Technologies today launched a new AI module that uses machine learning for continuous digital payments processing.

The financial Transaction Lifecycle Management (TLM) solutions provider said the new module will enable match rates to be instantly updated, while at the same time system reconfigurations will be done automatically. This will reduce operational costs and minimise risk.

The company said the novel technology will help financial firms to keep maintenance costs down, and lessen business users’ reliance on busy IT departments.

In other words, it will act as a scheme of continuous improvement, operating in the background, even as the data flowing into the reconciliations system changes.

SmartStream also said the module, which is designed to work with SmartStream’s TLM Aurora Digital Payments Control solution, will greatly speed up traditionally time-consuming and expensive projects organised by firms to redesign their technical architecture.

“Imagine having a virtual operations team that never sleeps, constantly comparing and fixing, said Roland Brandli, Product Manager at SmartStream.

“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”.

SmartStream Technologies was founded in 1988 and currently has a base of more than 1,500 customers, including more than 70 of the world’s top 100 banks and the world’s leading asset managers, custodians and broker-dealers.

Image via Eucalyp on flaticon.

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