SmartStream Air version 7 has been recently launched by SmartStream, the financial Transaction Lifecycle Management (TLM®) solutions provider, to further regulate exceptions management using cutting-edge cloud-native artificial intelligence (AI) technology.
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First-of-its-kind in the industry, with AI exceptions management processes capable of learning from user behaviors. It is programmed to help reconcilers concentrate on other responsibilities, which consecutively helps businesses decrease costs when handling their reconciliations.
SmartStream Air version 7’s AI for exceptions management will populate fields automatically, set labels, and work automations, all established on the processes it has learned. Furthermore, it is designed to offer suggestions to the user or completely automate the process, considerably enhancing STP rates.
At present, exceptions management is regulated by users or user-specified automation rules. On the other hand, SmartStream Air version 7 learns from a user’s everyday actions when managing exceptions and suggests how the exception features can be populated. It will assist with the laborious and work-heavy exceptions management procedure by learning straightaway from user historic data or actions—and when the model is taught, the AI can envisage workflows and fields for managing exceptions.
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.
Jethro MacDonald, Product Manager, Artificial Intelligence and Machine Learning, SmartStream
“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 added.
SmartStream’s goal is to incorporate AI exceptions management into its collection of industry-leading middle- and back-office processing solutions. This means that its regular client base will enjoy the operational advantages that cutting-edge AI-driven technology delivers.