Asia Awards 2023: Best AI-based solution—SmartStream Technologies

Product: SmartStream Air

    • WatersTechnology Staff
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Overview

SmartStream Air offers firms a new approach for managing data reconciliations. Hosted as a cloud-native application, it allows business users to reconcile large, complex datasets in a matter of seconds. The solution incorporates the latest developments in machine learning and AI. SmartStream Air V6, the latest version of the platform, includes intelligent exception management functionality, enabling the process of identification, prioritization, allocation, and audit to be further simplified. 

“Client projects have been very successful—they are estimating at least 20% cost savings for their reconciliation business. It is very gratifying that after 12 months of working with clients on our AI solutions, the technology has matured and we are now at a stage to deliver real value, helping banks become more efficient by streamlining processes and making greater use of their operations.” 
Andreas Burner, chief innovation officer, SmartStream

The solution

Thanks to embedded AI algorithms, users are able to rapidly identify and address exceptions. SmartStream Air is designed to improve efficiency and reduce costs associated with manual transaction processing. It recently won the Red Dot Design Award for finance application design.

Secret sauce

SmartStream Air uses AI to analyze any format of data. It creates AI fingerprints of the data and generates auto match rules based on how the data is likely to correlate and the structures of the datasets. The AI does the heavy lifting and is able to match any data in seconds without IT intervention.

Recent milestones

SmartStream Air V6 features Affinity, an observational learning feature that learns from rule logic, which becomes more intelligent over time. The solution is designed to be as easy to use as a consumer app, which means there is no need to train users. A new intuitive user interface was launched. Air has no constraints in terms of volumes or numbers of files users can load. It is designed to match high volumes of data quickly, which is compelling for IT projects. It is also built to scale in terms of costs and has just one annual fee.

Future objectives

SmartStream reinvests 25% of its revenue each year back into research and development (R&D). It will continue to increase its developer numbers, which in turn will drive up banks’ automation levels. Affinity will be embedded within the firm’s core solutions and will improve performance by 20% to 25%, enhancing the effectiveness/functionality of existing solutions.

Why they won

SmartStream Air continues to rack up the wins across WatersTechnology’s awards portfolio, this time in the best AI-based solution category of this year’s Asia Awards in an area of the back office where SmartStream has forged its reputation: reconciliations. SmartStream Air V6 is the latest iteration of the platform, featuring intelligent exception management functionality, allowing users identify, prioritize, allocate and audit their breaks. Air V6 also features Affinity, embedded observational learning functionality that learns from rule logic and observing how humans match records across large, complex datasets, and becomes more intelligent over time.

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