SmartStream Technologies has launched an artificial intelligence (AI) module that uses machine learning for continuous digital payments processing to maintain and improve matching rules.
The new module will enable match rates to be instantly updated, while at the same time system reconfigurations will be done automatically, helping to reduce operational costs and minimise risk.
According to SmartStream, the new module will help financial firms to keep maintenance costs down as well as lessening business users’ reliance on busy IT departments.
The technology operates in the background as the data flowing into the reconciliations system changes.
The new module is designed to work with SmartStream’s TLM Aurora Digital Payments Control solution.
Roland Brandli, product manager at SmartStream, said: “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.”
He added: “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.”
