SmartStream Technologies has put together an “innovations team”, which will work with financial firms to use artificial intelligence, machine learning and blockchain for reconciliations, cash management and fees and expense management.
Based in Vienna, the team includes mathematicians and applied data and computer scientists, who were recruited to help design new AI and ML techniques to reduce costs and improve “work flow efficiencies”, taking advantage of advanced data analytics to re-engineer traditional work models across back office processing, according to a company statement.
In the deployment of AI&ML and blockchain models, the team will work on evaluating optimal AI&ML modeling, data interpolation, running tests, implementations and analyzing how AI processes work best.
For reconciliations and cash management, AI models are being used to understand how data moves across the back office, while ML algorithms are being evaluated to understand cash flows and predict future scenarios.
And in the areas of fees and invoice management, AI will understand formats and extract and understand information used for processing.
SmartStream Technologies is a financial transaction management software company with some 1,500 clients, including some of the largest investment banks like Goldman Sachs, BNP Paribas and J.P. Morgan, asset managers, and custodians like Northern Trust, according to the company.
Its partners include firms like Six Financial Information, Omgeo and Misys.