SmartStream Technologies is a known solutions provider in the niche of financial transaction lifecycle management, they specialize in creating designs and developing software for account reconciliations, business process management, liquidity, and derivatives processing. As such, SmartStream holds a position of being the go-to solutions for a lot of clients world wide.
The recently launched platform is a New Artificial Intelligence Managed Service for Proactive Data Monitoring. It will cover other services such as reconciliations, corporate actions, cash management and reference data.
The new AI service increases the quality of managed services with new monitoring tools, it 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 organization.
According to Nick Smith, SVP Managed Services, SmartStream, states: “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.”
By these, the operational costs and pricing in maintaining these services will drastically reduce while the quality of the services provides remains top- notch irrespective. This new introduction of artificial intelligence to the existing managed service offering will help SmartStream to build and increase the quality of their services and also their clients base.