SmartStream develop AI for back office processing 04 June 2018London Reporter: Jenna Lomax
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SmartStream Technologies is expanding its innovations team to optimise workflows, using artificial intelligence (AI), machine learning (ML) and blockchain technologies, in the areas of reconciliations, cash management and fees and expense management.
The newly created innovations team will be based in Vienna, a major centre for financial technology developments and skills necessary for AI and machine learning techniques.
The team has been recruited to help design new AI and ML techniques to drive down costs and improve workflow efficiencies, using data analytics to re-engineer traditional work models across back office processing.
The team will focus on the deployment of AI/ML and blockchain models with financial institutions. This includes evaluating optimal AI/ML modelling, data interpolation, running tests, implementations and analysing how AI processes best work within the current product environment by monitoring achievements and optimisation of processes.
Darryl Twiggs, senior vice president of Strategic Initiatives at SmartStream, said: “We are proud to be stepping ahead and investing in research and development and setting up a specialised team dedicated to AI and machine learning innovation. We are also fortunate to bring together our banking partners who are also keen to invest their time in these technologies.”
He added: “Our aim is to develop new data driven solutions and business models, designed to provide them with the innovative infrastructure to enhance their business goals. Our teams, which include highly intelligent people, are enjoying the challenges ahead, which is certainly a plus to attract new talent to join us.”
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