The new technology will help banks that have relied on multiple reconciliation platforms that use legacy technologies which can be up to 20 years old.
One of the main goals of the new technologies is to automate internal tasks and workflow processes.
BNY Mellon will leverage the partnerships with three FinTech firms and one of the world’s largest hedge funds for new AI, machine learning and risk solutions.
Sibos 2019 in London saw several key announcements from securities services providers over the deployment of APIs, AI and DLT.
Custodians will have to hire new people to oversee and govern the deployment of artificial intelligence tools.
SmartStream deploys new technologies allowing business users to reconcile complex sets of data in seconds.
The appointments follow the recent addition of an artificial intelligence (AI) and robotics expert from State Street last month.
A UBS survey showed 87% of participants from banks with assets of $250 billion and above believe technology spending will increase annually over the next three years.
BNY Mellon has already made some progress in implementing robotics and machine learning to its asset servicing business.