AI-backed module delivers instant reconciliations for digital payments
Financial tech developer SmartStream has launched a new AI-backed instant matching and reconciliations module that supports continuous digital payments processing.
The new module enables instant updating of matching rates, expected to reduce maintenance costs and risk, as well as relieving the burden placed on operations and IT teams to resolve payments reconciliation issues.
Using machine learning, the new module will allow a typical project for maintaining and improving matching rules – a task that may take upwards of two days – to be completed instantly.
“The technology acts, in effect, as a scheme of continuous improvement, operating in the background, even as the data flowing into the reconciliations system changes. It also takes away the need for firms to carry out time-consuming and expensive projects to redesign their technical architecture,” SmartStream said in a statement.
Roland Brandli, product manager at SmartStream, said, without constant review of matching rules, errors can easily creep into payments processing systems.
“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,” he said.
The new module is designed to work with SmartStream’s TLM Aurora Digital Payments Control solution.
ING, AMP, Suncorp and Colonial First State are among a number of Australian financial institutions with SmartStream solutions deployed.