SmartStream brings AI and machine learning to reconciliation

SmartStream deploys new technologies allowing business users to reconcile complex sets of data in seconds.

By Richard Schwartz

SmartStream Technologies is deploying artificial intelligence (AI) algorithms to transform the way its users interact with reconciliation data.

The launch of SmartStream Air aims to eliminates the time and effort in managing reconciliation data, making business users far less reliant on support from their operations and IT teams. SmartStream said the solution has been tested with a number of customers, who are now in the implementation stage.

“SmartStream Air is like having a highly skilled virtual operations team on hand that you can tap into on demand. It is the only truly instant reconciliations solution currently available, producing accurate results within seconds,” said Haytham Kaddoura, CEO, SmartStream.

“The solution is underpinned by sophisticated machine learning technology and is continuously improving, meaning that results only get better as time goes by. Reconciliations have met their match, you could say.”

Having launched the Innovation Lab last year, SmartStream has invested in attracting top talent from the field of data science and computer science, something Kaddoura spoke with Global Custodian about in the Fall 2019 issue of our magazine.

Andreas Burner, CIO, of SmartStream Innovation Lab, explained the use of AI could be “a complete game changer for reconciliation and transaction control”.

“Our innovative machine learning models incorporate more than 20 years of experience and have been optimised to auto-configure complex scenarios…[It] is completely automating transaction control processes and scales our client’s productivity significantly,” Burner added.