SmartStream Technologies has incorporated artificial intelligence (AI) technology into its existing managed service offering, which covers reconciliations, corporate actions, cash management and reference data.
SmartStream has worked alongside its clients to introduce AI into their managed services offering that it says will reduce operating costs and pricing, as well as improving operational efficiency and reporting.
The firm claims that its 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 UK Financial Conduct Authority’s (FCA) CASS reporting and Risk Weighted Asset Calculations.
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”.