Today, SmartStream, a supplier of financial Transaction Lifecycle Management solutions, announced the release of SmartStream Air version 7, which uses cutting-edge cloud-native AI technology to further control exceptions management. This is a first for the industry, with AI exception management systems learning from user behaviours. It is intended to free up reconcilers’ time so they can work on other projects, helping organisations handle their reconciliations more efficiently.
Based on the processes it has learnt, SmartStream Air’s AI for exceptions management will automatically fill forms, establish labels, and execute automations. Additionally, it will be able to entirely automate the procedure or offer ideas to the user, greatly enhancing STP rates.
Currently, humans or user-defined automation rules are in charge of exception management. In contrast, the new version suggests how the exception attributes should be filled up based on a user’s regular behaviours while managing exceptions. By immediately learning from user actions or historical data, it will assist with the laborious and time-consuming exceptions management process. Once the model has been trained, the AI may anticipate fields and procedures for exception management.
“Our new SmartStream Air version 7 will massively reduce the time spent working on managing exceptions that arise from unmatched data, or data integrity issues. AI technology will automatically classify the priority, assign to relevant teams, add labels including statuses, and populate exception detail fields, allowing reconcilers to manage their work more effectively. We feel this is what the market has been waiting for and we are proud to be the first to deliver such capabilities”.
Jethro MacDonald, Product Manager – Artificial Intelligence & Machine Learning, SmartStream
In order for SmartStream’s established customer base to reap the benefits of cutting-edge AI-enabled technology, AI exceptions management will be integrated into its array of market-leading middle- and back-office processing solutions.
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